Rupee recovers by 19 paise vs dollar

The Indian rupee recovered by 19 paise to Rs 51.71 per US dollar in early trade today on fresh selling of dollars by banks and exporters in view of persistent foreign capital inflows into the equity market amid dollar weakness overseas.

The rupee resumed steady at Rs 51.90/91 on the Interbank Foreign Exchange, but firmed up immediately to Rs 51.71 before quoting at Rs 51.84/85 per dollar at 1030 hours.

The domestic currency hovered in a range between Rs 51.71 and Rs 51.91 per dollar during morning deals.

Banks and exporters preferred to reduce their dollar position in view of sustained foreign capital inflows into the equity market, a forex dealer said.

In the Sydney market, the US unit edged lower against major rivals in early trade ahead of two key European monetary policy decisions and bond auctions.