Rupee recovers from initial losses, up 2 paise to 60.91 vs US Dollar

The rupee pared its initial losses to recover by two paise to 60.91 per dollar in late morning deals today following bouts of selling of the greenback by banks and exporters. 

The domestic unit resumed lower at 60.97 per dollar as against the last closing level of 60.93 at the Interbank Foreign Exchange (Forex) Market. It declined further to 61.02 on heavy bouts of dollar demand from importers. Later, it was quoting at 60.91 per dollar at 1030 hrs. The rupee was hovering in a range of 61.02 and 60.91 per dollar in late morning deals.

Crude oil prices fell in Asian trade after International Energy Agency slashed its forecast for world crude demand this year and as dealers await key US economic data. 

In New York market, the dollar hovered below a 14-month peak against its major rivals in early trade as the sell-off in sterling and the euro tapered off. 

Meanwhile, the benchmark BSE Sensex was trading flat, marginally lower by 4.90 points, or 0.02%, at 26,990.76 at 1040 hours.