Mumbai: The Indian rupee recovered slightly to 42.9575/9625 against the dollar in late morning deals on 20 June, following some stability in equity markets.
In lacklustre trade at the Interbank Foreign Exchange (Forex) market, the local unit resumed higher at 42.9350/9550 a dollar before being quoted at 42.9575/9625 in late morning deals.
Dealers attributed recovery in rupee to lack of demand from oil refiners as global crude oil prices fell sharply below $132 a barrel.
Stability in equity markets in early stage also impacted positively on the rupee. After firm start, the benchmark Sensex was down by nearly 25 points, marketmen said.
Gains in the rupee might cap by sustained capital outflows, where the Foreign Institutional Investors (FIIs) continued sellers in the current year.