Rupee takes cues from stocks recovery at 64.56

The rupee slammed brakes on early losses against the dollar today and ruled steady at previous closing level of 64.56 as banks and exporters offloaded dollars, helped by a gradual recovery in domestic equities.

The rupee resumed lower at 64.65 and dropped further to 64.69 following initial dollar demand from banks. However, it bounced back to 64.56 at 1100 hours after stocks showed some traction.

The rupee hovered in a range of 64.56 and 64.69 during the morning trade.

Overseas, the dollar gave up some ground.

The benchmark Sensex recovered 164.49 points, or 0.56%, to 29,740.23 at 1226 hours.