Rupee recovers by 8 paise vs dollar

The Indian rupee recovered by 8 paise to Rs 52.64 per US dollar in early trade today on mild selling of dollars by banks and exporters in view of weakness of the American currency in overseas markets.

The rupee resumed higher at Rs 52.69/70 per dollar on the Interbank Foreign Exchange, as against its previous close of Rs 52.72/73 per dollar, and moved up further to Rs 52.64 per dollar before quoting at Rs 52.71/72 per dollar at 1030 hours.

The domestic currency moved in a range between Rs 52.64 and Rs 52.74 per dollar during early trade.

Mild selling of dollars by banks and exporters mainly boosted the rupee value against the dollar, a forex dealer said.

The dollar edged lower in Asian trading hours in overseas markets today, although the movement was marginal and volumes reportedly thin, with the euro remaining under the $1.31 per euro-mark.

In the New York market yesterday, the euro held near $1.30 and the dollar was little changed against other major rivals as US stocks gained.