The rupee recovered by 10 paise to Rs 44.30 against the US dollar in the early trade today on fresh selling of dollar by banks and exporters in view of dollar’s weakness in the overseas market.
The rupee resumed higher at Rs 44.30/31 per dollar at the Interbank Foreign Exchange market against the last close of Rs 44.40/41 per dollar. It hovered in a range between Rs 44.30 and Rs 44.34 during the morning session before quoting at Rs 44.32/33 per dollar at 10.30 a.m.
Renewed selling of dollar by banks and exporters on the back of dollar’s weakness in the overseas markets mainly boosted the rupee value against the dollar, a forex dealer said.
In the Tokyo market, the dollar fell against most major rivals in the early trade after back-to-back speeches by the US President, Mr Barack Obama, and House Speaker Mr John Boehner revealed no progress on talks crucial to raising the US debt ceiling and preventing a default.