The Rupee recovered further overnight losses against the US currency early on Wednesday, supported by exporter dollar sales and unwinding of long positions by banks. In an otherwise quiet but cautious trade at the Interbank Foreign Exchange market in Mumbai, Wednesday morning, the rupee is currently quoted at Rs.47.11/12 per dollar, higher from Tuesday's finish of Rs.47.1250/1350. The Rupee opened at Rs.47.10/12.
"The market is a little nervous and after the rupee coming under pressure in the last two days we may see a pull back to Rs.47.05 later in the day or in the next few days", a forex dealer said. The Rupee plunged to historic-low of Rs.47.20/21 in intraday deals on Tuesday, driven-down by heavy dollar demand from corporate and importers.
Meanwhile, in cross currency trades, the Euro was quoted at Rs 39.94/96, Pound Sterling at Rs 66.31/33 and the Japanese Yen (100) at Rs 37.83/86.
Bureau Report