Mumbai: The rupee recovered from an intraday low on Wednesday as firm local shares offset a volatile euro and weak Asian peers. The local unit could see some more selling pressure due to persistent dollar buying by domestic oil companies, traders said. At 1:55pm, the partially convertible rupee was at 45.39/40 per dollar, weaker than Tuesday’s close of 45.38/39. Earlier in the day, it had hit a low of 45.4625. The euro was at $1.4390, compared with $1.4368 at the end of rupee trade on Tuesday. It has moved in the $1.4326-$1.4417 band so far on Wednesday. Meanwhile, the index of the dollar against six major currencies was at 73.986 points, compared with 74.115 points previously. The local benchmark share index was up over 0.5% after a three-day slide. India is estimated to be owing around $4 billion to Iran for its oil imports and domestic oil firms have been aggressively buying dollars to make these payments.

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