Rupee strengthens to 61.88 on fresh dollar selling…

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The rupee recovered from initial losses against the American currency and was quoted higher by 18 paise to 61.88 at 2.00 pm loacl time on fresh selling of dollars by banks and exporters in view of strong foreign capital inflows into the equity market.

The rupee resumed lower at 62.10 per dollar against the last closing level of 62.06 at the Interbank Foreign Exchange market and dropped further to 62.20 on initial strong dollar demand from banks.

However, it recovered from initial losses and was quoted higher at 61.88 on dollar selling by banks and exporters. It hovered in a range of 61.79 and 62.20 per dollar during the afternoon trade.

In London, the euro fell to its lowest level against the dollar since September 2003 yesterday after the Swiss National Bank scrapped its exchange rate floor of 1.20 francs to the euro.

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