Rupee washes out initial losses vs dollar

The Indian rupee on Thursday washed out initial losses against the greenback to edge up by two paise at 61.73 on fag-end selling of dollars by banks and exporters.

The rupee resumed lower at 61.87 per dollar as against the Wednesday's closing level of 61.75 per dollar at the Interbank Foreign Exchange (Forex) Market. It dropped further to 62.00 per dollar on firm dollar overseas.

However, it gained lost ground and recovered to 61.70 per dollar before finishing a 61.73 per dollar, showing a gain of two paise or 0.03 per cent from its previous close.

The rupee had dropped by eight paise or 0.13 per cent on Wednesday. The dollar index was down by 0.11 per cent against a basket of major global rivals.

The euro remained weak against rival currencies during the Asian session today. Streaks of renewed risk aversion after the European Central Bank's stance on Greece brought the Euro down.

Meanwhile, the Indian equity benchmark Sensex ended lower by 32.14 points, or 0.11 per cent, at 28,850.97.