Rupee recovers by 12 paise vs US dollar

Mumbai, Apr 10: The rupee recovered by 12 paise to 51.02 against the American currency in the late morning trade due to fresh selling of dollars by banks and exporters in view of its weakness in overseas market.

The rupee resumed slightly higher at 51.13/14 per dollar at the Interbank Foreign Exchange (Forex) Market as against the last closing level of 51.14/15 and moved up further to 51.02 at 1030 hrs.

It hovered at 51.02-51.20 against the dollar during the morning deals. Fresh selling of dollars by banks and exporters on the back of lower dollar in overseas as well as higher opening in the local market mainly boosted the rupee value against the dollar, a forex dealer said.

In New York, the dollar reversed a gain against the euro, but recovered from a month low versus the Japanese yen, on yesterday as investors returned from the Easter holiday to react to a disappointing U.S. employment report released at the end of last week.

Meanwhile, the Indian benchmark Sensex recovered by 32.75 points, or or 0.19 per cent, to 17,254.89 in the early trade.

PTI