Post-initial fall,rupee rises 26p vs US

Forex dealers said increased selling of the American currency by state-run banks and the Reserve Bank8217;s indication yesterday that it may sell dollars directly to oil companies,helped rupee recover from initial losses.

RBI8217;s intervention and its indicating yesterday that it may sell dollars directly to oil companies have propped the domestic currency,dealers said.

Recovery in the equity markets also had a positive impact on the domestic currency,they said.

After remaining in the red for most of the morning session,the BSE 30-scrip benchmark Sensex recovered by nearly 24 points,or 0.15 per cent to trade at 16,246.16 at 1259 hrs.

It had lost around 75 points in late morning trade from yesterday8217;s close.