Rupee recovers 5 paise against dollar in late morning

Rupee pared its initial losses to rebound by 5 paise to 67.22 against the American currency in late morning trade on fresh selling of dollar by banks and exporters in view of a strong opening in domestic equities.

The rupee opened lower by 6 paise at 67.33 as against yesterday’s closing level of 67.27 per dollar at the Inter-bank Foreign Exchange (Forex) market.

The domestic unit hovered in a range of 67.34 and 67.21 during the morning deals before quoting at 67.22 per dollar at 1030 hrs.

The dollar index was trading up 0.01 percent at 97.16 against a basket of six currencies in the early trade.

At overseas, the dollar extended its gains against the yen today, after the Wall Street Journal reported that Japan is considering issuing 50-year bonds as part of an economic stimulus package. The dollar last stood at 106.34 yen, up 1.6 percent on the day.

Meanwhile, the benchmark BSE Sensex was trading up by 198.26 points or 0.71 per cent to 28,174.78 at 1030 hrs.