Rupee recovers modestly against dollar in early trade

Overcoming resistance, the rupee recovered marginally by three paisa to 46.85/86 against the US currency in the late morning trade on Friday amid alternate bouts of buying and selling of dollar by exporters.

Overcoming resistance, the rupee recovered marginally by three paisa to 46.85/86 against the US currency in the late morning trade on Friday amid alternate bouts of buying and selling of dollar by exporters.

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The domestic currency resumed weaker at 46.90/92 a dollar against its last close of 46.88/89 a dollar and later bounced back to a high of 46.82 before being quoted at 46.85/86 a dollar.

Dealers at the Interbank Foreign Exchange (forex) market said there was some dollar selling as well as buying from banks in early trade while equity markets remained subdued.

The Bombay stock exchange benchmark Sensex was down 80 points at 1030 hours while Asian indices were trading substantially lower this morning.