Mumbai: After resuming lower, the rupee was quoted stable at Rs47.71 against the US currency in late morning deals on expectations of fresh capital inflows after a cut in lending rates by major world central banks.
In active trade at the Interbank Foreign Exchange (Forex) market, the domestic unit resumed sharply lower at Rs47.95 a dollar against overnight close of Rs47.72.
Dealers attributed initial fall in the rupee to weakness in global equity markets amid expectations of capital outflows.
But, some stability in local bourses and recovery in most of the Asian indices helped the rupee to recover to quote at Rs47.71 in late morning deals.
It moved in a range of Rs47.65 and Rs47.95 a dollar.