Mumbai: The rupee recovered from initial losses and ended higher by 2 paise to 67.37 per dollar on fresh selling of the American currency by banks and exporters on the back of lower greenback in the overseas market amidst volatile domestic equities.
The rupee opened lower at 67.47 per dollar as against the last closing level of 67.39 at the Interbank Foreign Exchange (Forex) market and dropped further to 67.5050 on initial dollar demand from banks and importers.
However, it recovered afterwards to 67.30 on fag-end selling of dollars by banks and exporters before ending at 67.37, showing a marginal gain of 2 paise or 0.02 per cent. The domestic currency has gained by 8 paise or 0.11 per cent in two days.
Meanwhile, the RBI fixed the reference rate for the dollar at 67.4584 and euro at 74.7169. In cross-currency trades, the rupee moved up further against the pound sterling to end at 87.41 from 87.81 on Thursday and firmed up further against the euro to 74.55 from 74.65.
The domestic currency moved down further against the Japanese yen to 67.08 per 100 yens from 66.68. The US dollar index, which tracks the greenback against a basket of six rival currencies, was trading down by 0.14 per cent in the late afternoon trade.
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