Mumbai: The Indian rupee recovered by eleven paise against the US dollar in morning trade today, snapping a four-day losing streak amid prospects of easing inflationary pressure and stability in global stocks.

At the Interbank Foreign Exchange market, the local unit resumed steady at 40.65/66 a dollar from its previous close of 40.64/65 a dollar and later appreciated to 40.53/54 a dollar in late morning trade.

Dealers said the rupee drew support from reports that the inflation may fall to around 6.0 per cent in the next three months from its present high-level of 7.57 per cent.

Inflation reached uncomfortable levels forcing the government and the central bank to initial fiscal and monetary measures in the last couple of weeks.

Global equity markets, particularly domestic bourses showed signs of stability aiding the rupee sentiment, they added.

Global crude oil prices also ruled around 116 dollars a barrel in Asian trade today.
Source : PTI