Rupee snaps 2-day losing streak; up 18 paise vs dollar

MUMBAI: Snapping its two-day losing streak, the rupee today recovered by 18 paise to 52.50 against the US dollar in late morning trade on fresh selling of the American currency by banks and exporters in view weak global cues.

The local unit resumed slightly higher at 52.66/67 per dollar at the Interbank Foreign Exchange (Forex) market as against the last closing level of 52.68/69 per dollar and firmed up further to 52.50 per dollar before quoting at 52.52/53 per dollar at 1030 hours.

The domestic currency hovered in a range of 52.50-52.74 per dollar during the morning deals.

Fresh selling of dollars by banks and exporters on the back of lower dollar in the New York market boosted the rupee value against the dollar, forex dealers said.

In New York, the dollar extended losses against the euro and fell versus other currencies yesterday, after a report on US home prices and consumer confidence came in weaker, raising the stakes for what the US Federal Reserve decides to say and do during a two-day meeting.