Rupee rebounds from low as exporters sell dollars .

MUMBAI: The Indian rupee recovered from early lows on heavy dollar-selling by exporters in afternoon trade on Thursday, dealers said. After touching the day's low of 44.73 rupees per dollar, the unit inched back to day's high of 44.55.

At 1:35 pm, the partially convertible rupee was at 44.66/67 per dollar, weaker than the previous close of 44.54/55.

The rupee fell sharply on weak stockmarket and strong dollar overseas in early trade. The unit is expected to move in the band of 44.55-44.70 in the rest of the session, dealers said.

The one-year forward dollar premium was steady at 3.05 percent, while the one-month offshore non-deliverable forward contracts were at 44.64/74, near the onshore spot rate.

In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both at 44.7350.

Most Asian currencies were weaker against the dollar on Thursday. The index of the dollar against six major currencies was up 0.49 percent.

The euro ground closer to this year's low against the dollar on Thursday, waiting for the ECB to flesh out lending rules likely to support Greece, while jobs data in Australia wasn't quite upbeat enough to power up the Aussie.

The main BSE share index was was down 0.8 percent, taking cues from world markets that fell on worries U.S. interest rates may not stay at their current lows and fresh concerns on Greece's debt woes.

Source : The Economic Times