Rupee recovers from initial losses; up 6 paise in morning trade
The rupee recovered from initial losses against the American currency and was quoted higher by 6 paise to 61.80 on fresh selling of dollars by banks and exporters.
The rupee resumed lower at 62 as against last weekend's level of 61.86 at the Interbank Foreign Exchange (Forex) on initial dollar demand from banks.
However, it recovered immediately to quote at 61.80 at 1100 hours. It hovered in a range of 61.80 and 62.01 during late morning deals.
Yen firms, Aussie slips on China growth worries and Wall Street drop
The yen briefly touched a two-week high versus the dollar on Monday, while commodity currencies were fragile as worries about the health of the Chinese economy added to unease following a selloff on Wall Street. The dollar slid to a two-week low of 116.64 yen in early trade, its lowest since Jan. 16, down from around 117.52 late in New York on Friday. Dollar buying by Japanese importers helped the exchange rate back to 117.74 yen, but analysts say the dollar looks vulnerable after data showed on Friday the US economy slowed in the fourth quarter, driving Treasury yields to new lows.
The rupee recovered from initial losses against the American currency and was quoted higher by 6 paise to 61.80 on fresh selling of dollars by banks and exporters.
The rupee resumed lower at 62 as against last weekend's level of 61.86 at the Interbank Foreign Exchange (Forex) on initial dollar demand from banks.
However, it recovered immediately to quote at 61.80 at 1100 hours. It hovered in a range of 61.80 and 62.01 during late morning deals.Yen firms, Aussie slips on China growth worries and Wall Street drop
The yen briefly touched a two-week high versus the dollar on Monday, while commodity currencies were fragile as worries about the health of the Chinese economy added to unease following a selloff on Wall Street. The dollar slid to a two-week low of 116.64 yen in early trade, its lowest since Jan. 16, down from around 117.52 late in New York on Friday. Dollar buying by Japanese importers helped the exchange rate back to 117.74 yen, but analysts say the dollar looks vulnerable after data showed on Friday the US economy slowed in the fourth quarter, driving Treasury yields to new lows.
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