Rupee Recovers to 63.97 on Broad Dollar Selloff

Mumbai: The rupee recovered 7 paise to 63.97 against the American currency in late morning deals on a bout of dollar selling by exporters.

Earlier, the rupee had opened weak at 64.09 on sustained dollar demand against the overnight closing of 64.04 at the Interbank Foreign Exchange (Forex) market.

It moved in a range of 64.09 and 63.97 per dollar during the morning deals before quoting at 63.97 at 1025 hours.

The dollar index was up 0.13 per cent at 97.58 against a basket of six currencies in the early trade.

Oil prices edged up in early Asian trade following a 5 per cent fall in the previous session as high global production and a weakening economic outlook, especially in Asia, prompted analysts to caution further falls.

In New York, the dollar finished the first trading session of the month higher against its main rivals, retaining gains from the early session despite a disappointing reading of US manufacturing in July.

Meanwhile, the benchmark 30-share index was trading down 145 points, or 0.51 per cent, to 28,041.97 at 1030hrs.