Rupee recoups losses, up 2 paise in later morning deals

Mumbai, Sep 1 (PTI) The rupee pared its initial losses torecover slightly by 2 paise to 66.94 against the Americancurrency in late morning trade on bouts of dollar selling bybanks and exporters amid higher equities. The rupee opened lower at Rs 67.05 per dollar fromyesterday’s closing level of Rs 66.96 at the Interbank ForeignExchange (Forex) market. Later, it slid further to Rs 67.07 before recovering toquote at 66.94 at 1030 hours. The domestic unit hovered in range of Rs 67.07 and Rs66.93 per dollar in late morning deals. Somewhat bearish dollar overseas and sustained FIIinflows lifted the rupee sentiment, a forex dealer said. Meanwhile, the dollar index was trading up at 0.02 percent at 96.01 against a basket of six currencies in earlytrade. Overseas, the US dollar was trading mostly flat againstits major rivals in early Asian trade, but wavered against theyen and euro ahead of a closely-watched US non-farm jobsreport on Friday which is expected to shape the market’snear-term interest rate expectations. Meanwhile, the benchmark BSE Sensex was trading higherby 47.12 points, or 0.17 per cent, to 28,499.29 at 1050 hrs.PTI PAKMKJ