The Indian rupee recovered by 8 paise to Rs 50.66/67 per US dollar in late morning trade today on mild selling of dollars by banks and exporters.
The rupee resumed lower at Rs 50.78/79 per dollar on the Interbank Foreign Exchange, as against its previous close of Rs 50.74/75 per dollar, and hovered in a range between Rs 50.65 and Rs 50.85 per dollar before quoting at Rs 50.66/67 per dollar at 10.30 a.m.
The rupee initially got off to a weak start in view of good demand demand for the American currency from banks and corporates on the back of a higher dollar in overseas markets.
However, the domestic currency recovered afterward due to dollar-selling at current levels by banks and exporters, a forex dealer said.
In the New York market, the euro reversed course to slide below the $1.35 per euro-mark again yesterday after Fitch warned about the potential adverse impact of the euro zone’s debt crisis on the US banking sector.