Indian rupee recovers from initial losses vs US dollar, up 6 paise

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Mumbai | Updated: January 16, 2015 11:48:07 AM

The rupee fell by 11 paise to 62.17 against the dollar in early trade today at the Interbank Foreign Exchange market due to appreciation...

rupee to dollar, dollar to rupee, rupee today, us dollar, rupee rate, Indian rupeeThe rupee had gained 12 paise to close at 62.06 after hitting a two-month high of 61.47 against the dollar in yesterday’s trade. (Reuters)

The rupee recovered from initial losses against the American currency and was quoted higher by 6 paise to 62.00 on fresh selling of dollars by banks and exporters in view of strong foreign capital inflows into equity market.

The rupee resumed lower at 62.08 per dollar as against the last closing level of 62.06 at the Interbank Foreign Exchange and dropped further to 62.20 on initial strong dollar demand from banks.

However, it recovered from initial losses and was quoted higher at 62.00 on selling of dollars by banks and exporters.

It hovered in a range of 62.00 and 62.20 per dollar during the morning trade.

In London, the euro fell to its lowest level against the dollar since September 2003 yesterday after the Swiss National Bank scrapped its exchange rate floor of 1.20 francs to the euro.

Meanwhile, the Indian benchmark Sensex moved down by 31.77 points or 0.11 per cent to 28,043.78 at 1000hrs.

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