Rupee recovers by 8 paise to 68.86 against US dollar in late morning trade

On Tuesday, the rupee dropped by 8 paise to close at 68.94 against the US currency

The rupee recovered from its initial sluggishness to trade higher by 8 paise to 68.86 against the American currency in late morning deals, following bouts of dollar selling from banks and exporters.

The rupee opened flat, slightly down by 68.96 from yesterday's closing level of Rs 68.94 at the interbank foreign exchange market here.

Later, the domestic unit rebounded to 68.75 per dollar before quoting at 68.86 at 1030 hrs.

The rupee hovered between 68.75 and 68.96 during morning deals.

Overseas, the US dollar traded in a tight range against a basket of Asian currencies in early deals, ahead of a meeting between US President Donald Trump and European Commission President Jean-Claude Juncker, as investor focus shifted to the trade rift between the two economic powers.

The 30-share BSE Sensex is trading slightly higher by 28.64 points, or 0.08 per cent, at 36,853.74 at 1050 hrs.