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Rupee down 2 paise against dollar in early trade

The rupee recovered by eight paise to 63.02 against the American currency in late morning trade today on fresh selling of dollars by banks ahead of the RBI policy meeting on Tuesday amidst firm equity market.

The rupee resumed lower at 63.15 per dollar as against the Monday's closing level of 63.10 at the Interbank Foreign Exchange (Forex) Market on initial demand for the US currency from banks and importers in view of strong dollar overseas.

However, it recovered afterwards to 62.98 on fresh selling of dollars by banks before quoting at 63.02 per dollar at 1045 hours.

It moved in a range of 62.98-63.18 per dollar during the morning deals.

In the New York market, the US dollar recovered from a nearly two-month low against the Japanese yen yesterday, even as the greenback remained vulnerable to major rivals amid heightened worries about risk in emerging markets.

Meanwhile, the Indian benchmark BSE-30 share index Sensex firmed up by 47.19 points or 0.23 per cent in the late morning trade.