Rupee ends steady against dollar after initial losses

Mumbai, May 31: The rupee today recovered from the earlier lows and closed steady at 46.36/37 against the US currency on fag-end selling of dollar from banks.

The domestic currency resumed lower at 46.50/52 a dollar against the last weekend’s level of 46.35/36 at the Interbank Foreign Exchange (Forex) market and moved down further to 46.60 a dollar on month-end dollar demand from importers mainly oil refiners.

However, it recovered at the fag-end of the day to finish at 46.36/37 a dollar on selling of dollars from banks on the back of weakness of dollar in overseas market, a dealer said.

The US dollar weakened against some of its currency rivals in the early trade in Asia.