Rupee recovers from initial losses against US dollar
Mumbai: The rupee recovered from early losses and was trading at 53.79 a dollar on fresh selling of the American currency by banks on hopes of more capital inflows from foreign funds into equity market.
The rupee resumed lower at 53.85 per dollar as against the last closing level of 53.80 at the Interbank Foreign Exchange (Forex) market and dropped further to 53.90.
However, it recovered to 53.70 per dollar before quoting at 53.79 at 1045hrs.
In New York market, the dollar erased most of its losses yesterday as US stocks stayed in negative territory.
The rupee had staged a smart recovery yesterday, after falling to a six-week low initially, to close with 18 paise gain at 53.80 on sustained dollar sales by exporters in view of weak US currency in overseas markets.
Meanwhile, the BSE 30-stock index, Sensex, was down 45.65 points or 0.25 percent to 18,459.73 at 1100hrs.
Foreign institutional investors (FIIs) bought shares worth a net Rs 248.48 crore yesterday as per provisional data from the stock exchanges.