Mumbai , May 12 Taking cues from the domestic stock markets, the Indian rupee recovered its early losses, still showing a fall of seven paise to 49.57/58 against the US currency in late morning deals. In quite trade at the Interbank Foreign Exchange (Forex) market, the local currency resumed sharply lower at 49.70/71 a dollar from its previous close of 49.50/52 However, it recovered on the back of smart turnaround in local equity markets and was quoted at 49.57/58 per dollar The rupee moved in a range of 49.55 and 4971 a dollar Yesterday, it was down by 22 paise. After initial weakness, the Indian benchmark Sensex was quoting higher by over 53 points or 0.46 per cent at 1015 hrs. However, besides China, most of the other Asian markets were trading in the red in their morning deals.

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