Rupee recovers by 21 paise

Mumbai: The rupee recovered by 21 paise to61.28 against the US currency in morning trade, on fresh selling of dollars by banks and exporters in view of good foreign capital inflows into equity market. The rupee resumed higher at 61.37 per dollar as against   the last closing level of 61.49 at the Interbank Foreign   Exchange (Forex) Market.   It firmed up further to 61.27 before quoting at 61.28 per   dollar.

The domestic unit moved in a range of 61.27 and 61.39 per dollar during the morning trade.   Banks and exporters preferred to reduce their dollar   position on the back of good foreign capital inflows, a forex dealer said. Foreign portfolio investors (FPIs) bought shares worth   a net Rs 283.87 crore yesterday, as per provisional data from the stock exchanges.  

However, in New York market, the euro fell to its lowest   point against the dollar in nine months as Italy, the euro zone's fourth-largest economy, slipped into a recession and Russia appeared closer than ever to invading Ukraine.