Rupee rules steady against dollar at 59.11

Mumbai, Jun 2 : The rupee recovered from initial losses against the American currency on fresh selling of dollars by banks and exporters and was trading at 59.11 per dollar in morning trade today. The rupee resumed lower at 59.27 per dollar as against the last weekend’s level of 59.11 at the Interbank Foreign Exchange (Forex) Market on initial dollar demand from some banks.

However, it recovered immediately to 59.11 at 1000 hrs on selling of dollars in view of firm equity market. It hovered in a range of 59.11 and 59.28 per dollar during the morning trade. Banks and exporters preferred to sell dollars on hopes of more foreign capital inflows, a forex dealer said.

The benchmark Sensex rose by 139.48 points, or 0.54 per cent, to 24,347.82 at 1000 hrs. Meanwhile, in New York market, the dollar fell against the euro and British pound on last Friday but notched up monthly gains against both rivals in May.