Rupee recovers from initial losses vs US dollar,up 7 paise

However,it recovered afterwards to 54.06 per dollar before quoting at 54.10 per dollar at 1040hrs.

It moved in a range of 54.06 per dollar and 54.25 per dollar during the morning deals.

In New York,euro slipped on last Friday,contributing to the currency8217;s losses against the US dollar for the week,after the European Central Bank said commercial banks would pay back early a smaller-than-expected chunk of cheap three-year loans.

Foreign institutional investors FIIs bought shares worth a net Rs 280.30 crore on last Friday as per provisional data from the stock exchanges.

Meanwhile,the Indian benchmark Sensex rose by 55 points,or 0.29 per cent,to 19,372.28 at 1050 hrs.