The Indian rupee recovered a little in late morning trade on Monday at the Interbank Foreign Exchange, after slumping to a new record low in early trade. Dealers said persistent dollar demand from banks and importers triggered by strong US currency in the overseas market mainly weighed on the rupee, amid sharp fall in local equities. The local currency commenced the day's trade at an all-time low level of 61.19 against the dollar and hovered in a range of 61.19 and 60.80 on suspected Reserve Bank of India (RBI) intervention. Forex dealers said there was some dollar selling by public sector banks on the behest of the central bank. The rupee was trading at 61.04 at 10.40 am, down 82 paise, or 1.36 per cent, from Friday's closing level. In New York market, a key gauge of the US dollar's value rose in the early trade holding its grip on a three-year high amid heightened expectations that the US Federal Reserve will slow the pace of monetary stimulus later this year. Meanwhile, the BSE Sensex was trading 271 points down at 19,224.90 at the same time.

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