Rupee Recovers Five Paise Against Dollar

The rupee recovered marginally by five paise at 63.77 against the US dollar in early trade on Wednesday at Interbank Foreign Exchange after the greenback weakened overseas owing to concerns about the lack of progress in Greece's talks with its creditors on overhauling its bailout terms.

 

Besides, fresh selling of the US dollar by exporters supported the rupee, but a lower opening in the domestic equity market capped the gains.

 

The rupee had depreciated by 12 paise to close at 63.82 against the American currency yesterday owing to robust dollar demand from importers amid steep losses in local equities after RBI took a cautious stance on the economic recovery and hinted there may not be more cuts in the near term.

 

Meanwhile, the benchmark BSE Sensex fell 122.60 points, or 0.45 per cent, at 27,065.78 in early trade.

 

(PTI)