Rupee recovers by 35 paise vs dollar

Nov 28, 2011 |

mumbai

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The Indian rupee was up by 35 paise at Rs 51.90 per US dollar in early trade on Monday on fresh selling of the American currency banks and exporters influenced by dollar weakness in overseas markets amid a rally in domestic equities.

The rupee resumed higher at Rs 52.06/07 per dollar on the Interbank Foreign Exchange, as against last weekend's close of 52.25/26 per dollar, and moved up further to Rs 51.90 per dollar before quoting at Rs 52.08/09 per dollar at 1030 hours.

The domestic currency moved in a range between Rs 51.90 and Rs 52.13 per dollar during morning deals.

Banks and exporters preferred to reduce their dollar positions in view of dollar weakness in Asian markets, a forex dealer said.

In Sydney, the euro was swept higher by a wave of short-covering in thin trade in Asia early on Monday on hopes that European officials will take a major step toward resolving the euro zone debt crisis this week.

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