Rupee bounces back in late morning trade

Paring all early losses, the rupee Thursday rose by 21 paise to 58.92 in late morning deals on fresh dollar selling by banks and exporters, tracking a weakness in the US currency overseas.

The rupee resumed lower at 59.30 against the dollar from Wednesday’s closing level of 59.13 at the Interbank Foreign Exchange (Forex) market.

However, it recovered afterwards to 58.85, before quoting at 58.92 a dollar at 1050hrs.

It moved in a range of 58.85-59.30 per dollar during morning deals.

Banks and exporters preferred to reduce their dollar position in view of weakness of dollar in the international market amidst recent measures taken by Reserve Bank of India.

In the global market, the dollar traded slightly lower against major rivals in their early trade edging back from gains launched by stronger-than-expected US economic data and a climb in treasury yields.

Meanwhile, the Bombay Stock Exchange benchmark sensex Thursday moved down by 39.91 points, or 0.20 per cent, to 20,050.77 at 1100hrs.

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