MUMBAI: The rupee erased all intraday losses to recover from the over 11-month touched earlier on Thursday aided by a rebound in the euro and dollar sales by a large Indian engineering conglomerate, dealers said.
At 1:21 p.m., the partially convertible rupee was at 46.04/05 to a dollar, only marginally weaker from Wednesday's close of 45.99/46.00 and way stronger from low of 46.215--a level not seen since Sept. 16.
The euro was at $1.4459 after dipping to a low of $1.4390 earlier. The single currency had been $1.4462 at end of local forex trade on Wednesday.
The index of the dollar against six major currencies was down 0.22 percent at 73.896 points, but above 73.734 points when domestic currency market last closed.
Rupee's recovery was also aided in part by dollar sales from a large local engineering conglomerate, traders said.
But, dollar demand from local oil companies and choppy domestic equities may, however, prevent further improvement in rupee, traders said.
