Indian rupee gains 5 paise to trade at 65.12 in late morning deals

The rupee recovered from earlier losses to trade up by 5 paise at 65.12 against the American currency in late morning deals following sustained bouts of dollar selling from banks and exporters amid higher dollar overseas.

The rupee opened lower at 65.25 as against yesterday's close of 65.17 at the inter-bank foreign exchange here. Later, the volatile rupee touched a low of 65.25 before rebounding to 65.10 during morning deals. It was trading up at 65.12 at 1045 hrs.

Persistent FII outflows and higher dollar overseas are influencing the domestic currency, a dealer said.

Meanwhile, the US dollar held firm against its major rivals in early Asian trade, drawing support after the Federal Reserve's new chief Jerome Powell struck an optimistic tone on the US economy in a boost to rate hawks that sent global stocks tumbling.

The 30-share BSE Sensex was down 32.14 points or 0.09 per cent at 34,151.90 at 1105 hrs.

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