Rupee at 50.12 Against US Dollar.

Recovering from its early losses, the rupee closed marginally higher by 5 paise at 50.12 against the US currency on fag-end selling of dollars by banks and exporters after the greenback weakened in overseas markets.

Moving in line with the domestic equity market, the rupee resumed lower at Rs 50.35/36 per dollar on the Interbank Foreign Exchange as against its previous close of Rs 50.17/18 per dollar.

The rupee moved down further to Rs 50.42 per dollar before ending at 50.12/13 per US dollar. The domestic currency hovered in a range between Rs 49.96 and Rs 50.42 per dollar during the day.

Initially, the Indian rupee declined to 50.42 per dollar in view of sustained dollar demand from banks and importers, a dealer said.

However, it recovered afterwards due to fag-end selling of dollars by banks and exporters due to lower dollar in overseas market.

The greenback slipped versus most major rivals in the global market, with the euro finding renewed support on hopes Italian lawmakers will move quickly to approve new budget measures while ushering in a new coalition government.

Meanwhile, the Bombay Stock Exchange benchmark Sensex dropped further by 169 points or 0.97 per cent. The rupee premium for the forward dollar continued to remain weak on sustained receiving by exporters.

Source : indianexpress.com