Rupee rises 14 paise at 47.60/ $ in morning trade

The Indian rupee today recovered 14 paise at 47.60 against the US currency in morning trade amid weak dollar overseas and encouraging trend in the local equity market.

In quiet trade at the Interbank Foreign Exchange (Forex) market, the domestic currency resumed higher at 47.67/68 a $ from its last close of 47.74/75 a $ and later surged to a high of 47.60 in late morning deals.

Dealers said the rupee drew support from continued weakness in dollar in the overseas markets.

Dollar traded at the current year low against the Euro in Asian trade this morning.

The rupee sentiment was also aided by sustained capital inflow in equity in the last three days.