The rupee was up by 9 paise at Rs 52.20/21 per US dollar in see-saw trade early on Wednesday on mild selling of dollars by banks and exporters.
The rupee resumed lower at Rs 52.54/55 per dollar on the Interbank Foreign Exchange, as against its previous close of Rs 52.29/30 per dollar, on persistent demand for the American currency from banks and importers on the back of a firming dollar overseas.
However, it made a swift recovery to an early high of Rs 51.77 per dollar before quoting at Rs 52.20/21 per dollar at 10.30 a.m. amid profit-booking by some banks to cash in on near-record exchange rates.
Meanwhile, the dollar rose in early trade in Singapore even as the euro dipped amid jitters over the fate of a rescue plan for Franco-Belgian bank Dexia, while the Australian dollar fell on data showing that China’s factory activity slumped to a 32-month low.