Rupee ends lower at 47.74 against dollar

The Indian rupee recovered part of its early losses but still ended four paise weaker at 47.74 against the American currency today amid a bounce-back in local stocks and the dollar's retreat overseas.

The rupee touched the intra-day low of 47.96 as equity markets fell sharply in early trade, inducing fears of capital outflows.

In fairly active trade at the Interbank Foreign Exchange (forex) market, the domestic currency moved in a range of 47.71 and 47.96 in the day after resuming lower at 47.95 a dollar against its last close of 47.70 a dollar.

Attributing the weak start to FII pullout on June 15, forex dealers said the rupee later recovered in line with a rebound in local stocks as well as the dollar's decline against major world currencies in global markets this afternoon.

After hitting a low of 14,621.97, down 253.55 points in early trade, Indian benchmark Sensex today closed in positive territory with a rise of 82 points or 0.55 per cent.

They said there was not much dollar buying or selling in the exchange market during the day.

Meanwhile, global oil prices moved above $ 72 a barrel in Asian trade.