Rupee recovers from initial losses; up 6 paise in morning trade

The rupee recovered from initial losses against the American currency and was quoted higher by 6 paise to 61.80 on fresh selling of dollars by banks and exporters.

Recovery in equity market also boosted the rupee value against the dollar, a forex dealer said.

The rupee resumed lower at 62 as against last weekend's level of 61.86 at the Interbank Foreign Exchange (Forex) on initial dollar demand from banks.

However, it recovered immediately to quote at 61.80 at 1100 hours.

It hovered in a range of 61.80 and 62.01 during late morning deals.

In New York market, the ICE US Dollar Index finished the week lower on last Friday, after weaker-than-expected fourth quarter gross domestic product data weighed on the Greenback.

Meanwhile, the benchmark BSE Sensex trimmed its initial losses, but was quoted still down by 41 points, or 0.14%, to 29,142.45 at 1100 hours.