MUMBAI, JUNE 14:
The rupee recovered by 16 paise to 44.70 against the US dollar in early trade today on fresh selling of the American currency by banks and exporters in view of dollar weakness in the overseas markets.
At the Interbank Foreign Exchange, the local unit opened higher at 44.77/78 per dollar as against yesterday’s closing level of 44.86/87 and moved up further to 44.70 per dollar before quoting at Rs 44.78/79 at 10.30 a.m.
The rupee moved in a range between Rs 44.70 and Rs 44.85 per dollar in morning deals.
Banks and exporters preferred to reduce their position due to the fall of the dollar in the overseas markets, a forex dealer said.
The euro recovered and moved higher against the dollar in the New York market yesterday after hitting a bump when Standard & Poor’s cut Greece’s sovereign rating.
Keywords: Rupee, dollar, Asian currencies, equity market
