Rupee up 2 paise versus dollar

The rupee staged a recovery towards close of session on Monday to end with a marginal 2 paise gain at 67.99 against the US dollar. After selling off drastically over the weekend, the rupee resumed substantially weak at 68.16 at the interbank forex market. Extending the downward pressure, the local unit lost further ground to test a low of 68.18 briefly in midmorning deals. But it later reversed the initial negative momentum and managed to pull back and hit a fresh intra-day high of 67.94 towards tail-end trade before closing at 67.99, showing a small gain of 2 paise against the US dollar.