Rupee recovers from earlier losses; up 12 paise at 62.63 Vs dollar
Mumbai: The rupee on Wednesday recovered by 12 paise to 62.63 against the dollar in the late morning trade on fresh selling of US currency by banks.
The rupee resumed slightly lower at 62.76 per dollar as against the last closing level of 62.75 at the Interbank Foreign Exchange (Forex) Market and dropped further to 62.88 on sustained dollar demand from importers on the back of higher dollar overseas.
However, it recovered afterwards to 62.55 on selling of dollars by banks before quoting at 62.63 at 1040 hrs.
In the New York market, the US dollar gained yesterday as investors examined the economic data and speeches from Federal Reserve officials for insight into when the central bank could begin to slow its monthly asset purchases.
Meanwhile, crude oil prices rose in Asia as investors expect a US stockpiles report to show a fall, indicating firm demand in the world's top crude consumer, analysts said.
Meanwhile, the BSE benchmark Sensex dropped by 125 points or 0.63 percent to 19,794.96 at 1050 hrs.