Rupee recovers by 2 paise in late morning deals

The Indian rupee pared its initial losses to recover by 2 paise to 64.02 against the American unit in late morning deals on bouts of dollar selling by banks and exporters amid rally in domestic equities.
The rupee resumed lower at 64.10 per dollar as against yesterday's closing level of 64.04 at the Interbank Foreign Exchange (Forex) market, it was quoting at 64.02 at 1125 hrs.
The domestic unit moved in a range of 64.11 and 63.9850 in the morning trade.
Globally, the US dollar held near one-week highs against a basket of major currencies in early trade as investors interpreted the latest US GDP readings as keeping the Federal Reserve on track for its first interest rate hike since 2006.

Meanwhile, the benchmark BSE Sensex was trading sharply higher by 300.66 points or 1.09 per cent at 28,006.01 at 1130 hrs.