The rupee recovered from its over two-year low of 66.89 in late morning deals on Friday, but was still down by 17 paise to 66.74 on persistent bouts of month-end dollar demand from importers and banks.
Earlier, the domestic currency opened lower by 66.66 as against Thursday’s closing level of 66.57 at the Interbank Foreign Exchange (Forex) market.
It depreciated further to hit over two-year low to 66.89 (the rupee was at 67.08 on September 2, 2013), before bouts of dollar selling from banks helped to cap its losses, it was quoting 66.74 at 10:30 am.
he rupee was hovering in a range of 66.65 and 66.89 in the morning trade.
Overseas, the dollar was almost flat against the basket currencies in early within the Asian trade, with overnight US markets shut for the Thanksgiving Day holiday.
Meanwhile, the benchmark Bombay Stock Exchange (BSE) Sensex traded higher by 138.03 points, or 0.53 per cent, to 26,096.66 at 10:50 am.