Rupee recovers early losses

The rupee made up for its initial loss and ruled at the same overnight level of 63.64 against the American dollar in late morning deals amid bouts of dollar selling by banks and exporters, and bullish equities.

The rupee opened lower at 63.66 per dollar at the Interbank Foreign Exchange (forex) as against 63.64 previously. It depreciated further to 63.68 before it quoting at 63.60 at 1220 hours. The domestic unit moved in a range of 63.68 and 63.64 in morning deals.

Overseas, the US dollar was higher in early Asian trade while the euro got off to a cautious start with Greece's fate still hanging in the balance. Meanwhile, the benchmark Sensex rallied 198.05 points, or 0.71% to 27,978.88 at 1225 hours.