The Indian rupee, after falling to a two-year low of 46 in early trade today gained its lost ground and was quoted at 45.85/86 against the greenback in late morning deals owing to weak dollar overseas and a sharp fall in local stocks.
At the Interbank Foreign Exchange (forex) market, the local currency resumed stronger at 45.53/55 a dollar from its last close of 45.75/76 a dollar and later touched 45.46 level, buoyed by a sharp fall in dollar against basket currencies.
The rupee, however, again tumbled to 45.85/86 a dollar in late morning deals.
It had last touched this level on October 10, 2006 when it closed at 45.80/81 against dollar.
The Indian rupee fell by 25 paise to 46 against the US dollar in early trade.
Forex dealers said a plunge in Asian stocks and fairly good dollar buying from some banks weighed on the rupee sentiment in early trade.
They said banks bought dollar when the rupee appreciated to 45.46 level immediately after resumption of trading.
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