Rupee recovers by 8 paise vs dollar

The Indian rupee not only recovered its early sharp losses but snapped its straight four sessions of fall, closing moderately higher by eight paise at 50.28/29 against the Greenback following late recovery in equities amid fresh dollar selling by exporters and some banks. Some weakness in dollar overseas amid fresh capital outflows also aided the rupee sentiment. At the Interbank Foreign Exchange (Forex) market, the domestic unit opened sharply lower at 50.55/56 a dollar from previous close of 50.36/37 and immediately touched a nearly 7-week low of 50.76 on sluggish local stocks mainly oil refiners as New york crude oil is still trading higher above $105 a barrel in Europe.