Rupee recovers to 61.48 Vs dollar

 
The rupee was trading up by 11 paise at 61.48 against the dollar at 10.24 a.m. local time on mild dollar selling by banks and exporters.

The rupee opened flat at 61.58 against the American unit, but quickly fell to 61.70 in the first few trades of the day. It had closed at 61.59 against the dollar on Wednesday.

The weakening of US jobs data has led to the belief, among market participants, that the US Fed will further delay the winding down of its $85-billion-a-month fiscal stimulus. Some of this money finds its way to the Indian shores.

The rupee has depreciated over 10 per cent against the American currency from the beginning of the year.

Since economic fundamentals remain wobbly in Asia’s third largest economy, the Indian unit is unlikely to gain substantially till the twin deficits — fiscal and current account deficits — are set right.