Rupee recovers by eight paise Vs dollar

The rupee today recovered by eight paise to 50.12/13 against the greenback in late morning deals on the back of some recovery in equity markets, despite sustained capital outflows.

The Indian rupee on Friday recovered by eight paise to 50.12/13 against the greenback in late morning deals on the back of some recovery in equity markets, despite sustained capital outflows.

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At the Interbank Foreign Exchange (Forex) market, the domestic unit resumed sharply lower at 50.49/50 against the overnight close of 50.20/21 on expectations of further weakness in equity markets following steep fall on Wall Street yesterday to nearly decades low.

The rupee was quoted at 50.12/13 in late morning deals.

Dealers said marginal recovery in Asian as well as local stock markets helped the rupee pare its initial losses.

Anticipations of intervention by the apex bank also partly aided the rupee sentiment, they added.

The benchmark Sensex was up by 320 points or at 1100 hrs while except China, most of the other Asian indices were trading firm early this morning.

Meanwhile, global crude oil prices fell below USD 50 a barrel.