<p>Amid alternate bouts of buying and selling, the rupee today recovered from steep early losses to close just two paise down at 54.48.<br /><br /></p>.<p>At the Interbank Foreign Exchange (Forex) market, the local unit commenced weak at 54.52 and immediately touched a low of 54.75 on early hesitancy in domestic equities amid sustained dollar demand from importers.<br /><br />Initial rise in dollar in the overseas markets also weighed on the rupee, said dealers.<br /><br />However, emergence of dollar selling by exporters, recovery in local stocks and continued capital inflows later helped the rupee to recover from its early low.<br /><br />The rupee bounced back to a high of 54.26 before settling at 54.48 -- a drop of two paise. In the last three days, the rupee has fallen by 22 paise against the dollar.<br /><br />"It was a very volatile session for the rupee, which closed at 54.48 levels. It was seen appreciating on account of sharp recovery in the Euro which moved above USD 1.3100.<br /><br />"Agreement on Greece bailout helped the Euro to gain against the dollar. The better than expected inflation rate also helped the rupee. However, later we saw a sudden depreciation caused by dollar buying by a PSU bank," said Abhishek Goenka, Founder and CEO, India Forex Advisors.<br /><br />Meanwhile, the Indian benchmark Sensex today closed higher by 87.99 points, snapping a five-session losing string.<br /><br />The dollar index was down by nearly 0.05 per cent against a basket of six major currencies.</p>
<p>Amid alternate bouts of buying and selling, the rupee today recovered from steep early losses to close just two paise down at 54.48.<br /><br /></p>.<p>At the Interbank Foreign Exchange (Forex) market, the local unit commenced weak at 54.52 and immediately touched a low of 54.75 on early hesitancy in domestic equities amid sustained dollar demand from importers.<br /><br />Initial rise in dollar in the overseas markets also weighed on the rupee, said dealers.<br /><br />However, emergence of dollar selling by exporters, recovery in local stocks and continued capital inflows later helped the rupee to recover from its early low.<br /><br />The rupee bounced back to a high of 54.26 before settling at 54.48 -- a drop of two paise. In the last three days, the rupee has fallen by 22 paise against the dollar.<br /><br />"It was a very volatile session for the rupee, which closed at 54.48 levels. It was seen appreciating on account of sharp recovery in the Euro which moved above USD 1.3100.<br /><br />"Agreement on Greece bailout helped the Euro to gain against the dollar. The better than expected inflation rate also helped the rupee. However, later we saw a sudden depreciation caused by dollar buying by a PSU bank," said Abhishek Goenka, Founder and CEO, India Forex Advisors.<br /><br />Meanwhile, the Indian benchmark Sensex today closed higher by 87.99 points, snapping a five-session losing string.<br /><br />The dollar index was down by nearly 0.05 per cent against a basket of six major currencies.</p>