Rupee recovers by 28 paise, trades at 61.06 vs dollar

The rupee on Friday recovered by 28 paise to 61.06 against American currency in morning trade on fresh selling of dollars by banks and exporters due to weakness of the US unit in the overseas market.

Moving in line with equity market, the rupee on Friday recovered by 28 paise to 61.06 against American currency in morning trade on fresh selling of dollars by banks and exporters due to weakness of the US unit in the overseas market.

Persistent capital inflows from foreign funds into equity market also boosted the rupee value against the dollar, a forex dealer said.

The domestic unit resumed higher at 61.15 per dollar as against the last closing level of 61.34 at the Interbank Foreign Exchange (Forex) Market.

It firmed up further to 61.02 before quoting at 61.06 per dollar at 10am.

It moved in a range of 61.15 and 61.02 per dollar during the morning deals.

In the New York market, the US dollar extended gains against the euro but edged down against the yen yesterday, as investors assessed the possibility of an increase in US interest rates coming sooner than previously expected.

Meanwhile, the Indian benchmark 30-share index Sensex moved up by 37.30 points or 0.17% to 21,777.39 at 10am.