Mumbai: The rupee recovered from initial losses against the US currency and was quoted higher by four paise at 62.63 on fresh selling of dollars by banks and exporters due to weakness of the Greenback in overseas markets. The rupee resumed lower at 62.80 as against yesterday's closing level of 62.67 on initial dollar demand from banks.
However, it recovered from initial losses and firmed up to 62.61 on fresh selling of dollars by exporters before quoting at 62.63 per dollar at 1100 hrs. The domestic currency moved in a range of 62.61-62.81 per dollar during the morning trade. In New York market, the dollar lost ground against the yen yesterday, but traded higher against the euro after falling for most of the past week.
The benchmark BSE Sensex was quoted higher by 93 points to 27,550.89 at 1100 hrs. Meanwhile, Foreign Portfolio Investors (FPIs) turned sellers and offloaded shares worth Rs 521.23 crore yesterday, as per provisional data from stock exchanges. Oil prices fell in Asia today, cutting short a rally as investors weighed the potential for disruptions in Middle-East supplies caused by the Yemen crisis and a global crude glut, analysts said.
US benchmark West Texas Intermediate for May delivery fell 83 cents to USD 50.60 and Brent crude for May eased 75 cents to USD 58.44 in late-morning trade.
