Rupee recoups losses, up 10 paise in late morning deals Mumbai

Apr 17 (PTI) The rupee pared initial losses to rebound smartly by 10 paise to 64.31 against the American currency in late morning trade on fresh bouts of dollar selling by banks and exporters amidst bearish US dollar overseas. The rupee opened almost flat at 64.42 as against last Thursday’s closing level of 64.41 per dollar at the Interbank Foreign Exchange (Forex) Market here today. The domestic currency hovered in a range of 64.44 to 64.2875 during morning deals before quoting at 64.31 per dollar at 1025hrs. Meanwhile, the dollar index was trading down by 0.16 per cent at 100.39 against a basket of six currencies. Overseas, the dollar dipped to a five-month low against the yen today as rising tensions over North Korea kept the safe-haven Japanese currency in demand. The US currency extended losses from the previous day and retreated to 108.135 yen, its lowest since mid-November. Meanwhile, the benchmark Sensex was trading down by 18 points or 0.06 per cent to 29,443.55 at 1025 hrs. PTI