MUMBAI: The Indian rupee recovered by 13 paise to 52.82/83 against the American currency in the late morning trade on Thursday on fresh selling of dollars by banks and corporates.
The rupee resumed lower at 53.04/05 per dollar at the Interbank Foreign Exchange (Forex) market as against the last closing level of 52.95/96 per dollar and hovered in a range of 52.70 and 53.10 per dollar before quoting at 52.82/83 per dollar at 1030hrs (local time).
Fresh selling of dollars by banks in view of recovery in the equity market was the main reason behind recovery in the rupee value against the dollar, a forex dealer said.
The Indian benchmark sensex recovered by 64 points or 0.40 per cent in the early trade.
However, the US dollar rebounded in the New York market on Wednesday, with the euro coming under renewed pressure as concerns about the euro-zone debt crisis re-emerged.
The dollar index, which tracks the U.S. unit against six major currencies, rose to 80.119 from 79.591 previously.