Rupee recovers smartly to 40.98/99 a dollar in early trade

MUMBAI: The rupee today recovered smartly to 40.98/99 against the US currency in late morning deals on the back of firm equity markets and dollar selling by exporters.
    
In active trade at the Interbank Foreign Exchange (FOREX) market, the local currency opened remarkably higher at 40.96/98 a dollar from Friday's close of 41.13/14 and later moved erratically in a range of 41.05 and 40.96 in late morning deals.

Forex dealers attributed rupee's turnaround to strong equity markets in the benchmark Sensex, which bounced by 205 points in early trade.

In the past week there was some pressure on the local currency due to weak share markets across the globe and dollar demand from PSU banks.