Rupee recovers, closes at 64.93

Snapping its two-day losing streak, the rupee on Wednesday recovered by 4 paise to close at 64.93 a dollar on end-of-day selling of the American currency by banks and exporters amid a lower greenback overseas. The rupee resumed lower at 65.07 a dollar against the last closing level of 64.97 at the Interbank Foreign Exchange market and moved down further to 65.09 on initial dollar demand from banks and importers. However, it trimmed its initial losses against the dollar and recovered to 64.91 before settling at 64.93, showing a gain of 4 paise or 0.06 per cent.