Mumbai: The rupee on 24 June recovered its overnight losses and was quoted three paise higher at Rs42.93/94 against dollar in late morning deals due to some recovery in equity markets, despite sustained capital outflows.
Dollar selling by some banks on behalf the central bank to cap the rupee’s fall beyond 43-level also helped the domestic currency rise.
In quite trade at the Interbank Foreign Exchange (Forex) market, rupee opened slightly better at 42.95/96 a dollar from yesterday’s close of 42.96/97 and moved up further to quote at 42.93/94 in late morning deals.
The BSE benchmark index Sensex was up by 88 points in early trade despite feeble global advices.
The dollar demand by oil refiners was said to be met by the apex bank by selling the greenback to held the rupee below 43 a dollar.
Expectations of stern monetary measures by the central bank to stem the rising inflation also might help rupee rise in near future, traders said.