Rupee recovers by 1 paise in late morning deals

The Indian rupee pared its initial losses to recover by 1 paise to 64.03 against the US currency in late morning deals.
The rupee resumed lower at 64.0775 per dollar as against last Friday's closing level of 64.04 at the Interbank Foreign Exchange (Forex) market.
Later, it slid to 64.08 on bouts of dollar demand from importers before quoting at 64.03 at 1110 hrs.
The domestic unit moved in a range of 64.08 and 64.02 in the morning trade.
Globally, the US dollar sagged against its major rivals in early Asian trade after a drop in US shares and bond yields dimmed its allure, with markets focused on whether the upcoming Federal Reserve policy meeting can shore up the greenback.

Meanwhile, the benchmark index plunged by 260.12 points or 0.93 per cent to 27,852.19 at 1115 hrs.