Mumbai: The Indian rupee was trading 16 paise up at 55.92 against the U.S. dollar due mild selling of the American currency by banks as it weakened against other currencies in the overseas market.
Exhibiting volatile movement in early trade on Friday, the rupee resumed lower at 56.25, against Thursday's close of 56.08 at the Interbank Foreign Exchange (Forex) Market.
It then hovered between 55.82 and 56.25 per dollar, before quoting at 55.92 at 11.10 am.
Mild selling of dollars from banks in view of weakening of dollar in New York mainly boosted the market sentiment, a forex dealer said.
In New York, the euro recovered from an almost two-year low against the dollar on Thursday on reports that International Monetary Fund has begun to explore the possibility of a bailout package for Spain.
