Rupee trims initial sharp losses

Written by Press Trust of India | Mumbai | Updated: Dec 15 2012, 06:24am hrs
Amid alternate bouts of buying and selling, the rupee on Friday recovered from steep early losses to close just two paise down at 54.48.

At the forex market, the local unit commenced weak at 54.52 and immediately touched a low of 54.75 on early hesitancy in domestic equities amid sustained dollar demand from importers.

Initial rise in dollar in the overseas markets also weighed on the rupee, said dealers. However, emergence of dollar selling by exporters, recovery in local stocks and continued capital inflows later helped the rupee recover.