Rupee recovers by 2 paise Vs dollar

Mumbai, July 28: The rupee trimmed its initial losses and recovered by two paise to 60.08 against the American currency in late morning deals following bouts of dollar selling by banks and exporters.

The rupee resumed lower at 60.12 per dollar at the Interbank Foreign Exchange (Forex) from its last Friday's closing level of Rs 60.10 per dollar. It gained later and was quoting at 60.08 per dollar at 1020 hours.

The domestic unit moved in a range of 60.08 and 60.13 per dollar during the morning trade. In New York, the dollar was up last Friday against its major rivals following weak German economic data.

Meanwhile, the benchmark 30-share index Sensex declined by 53.28 points, or 0.20 per cent, to 26,073.47 at 1030 hours.

PTI