The rupee recovered from its two-week low to trade 4 paise higher at 64.84 against American currency in late morning deals...

The rupee recovered from its two-week low to trade 4 paise higher at 64.84 against American currency in late morning deals, on good bouts of dollar-selling by banks and exporters. The rupee opened lower at 68.91 from yesterday's closing level of Rs 68.88 at the interbank foreign exchange market here. The Indian unit fell further to a fresh two week low of 68.93, before recovering to trade at 68.82 on bouts of dollar selling from banks and exporters, it was trading at 68.84 at 1020 hrs. The domestic unit hovered between 68.82 and 68.93 during morning deals.

Foreign exchange market

However, continued US-China trade war concerns and political uncertainty in the UK restricted the rupee gains, a dealer said. Overseas, the US dollar firmed against the basket of currencies in early Asian trade, while the pound stayed fragile after falling to an 11-month low against the dollar overnight on worries over a hard Brexit from the European Union, while simmering US-China trade tensions provided support to the greenback. Meanwhile, the 30-share BSE Sensex was trading higher by 2.34 points, or 0.01 per cent, at 37,694.23 at 1050 hrs.