New Delhi: On Wednesday morning, rupee fell by 3 paise, but later recovered by 7 paise to 68.58 against US dollar after some American currency was sold by banks and exporters.

The Nifty index was dealing superior by 16.55 points, or 0.20 per cent, at 8,158, while the BSE sensex was increased by 70 points, or 0.27 percent, at 26,464 at around 9:30 am (IST).

R Sivakumar, Head of Fixed Income at Axis Mutual Fund, said, "We believe RBI is managing the volatility of the currency so the rupee is reasonably strong despite some selling by FIIs in both debt and equity. Our expectation is that volatility in the rupee will actually remain contained. It does appear that RBI has very firm hand on not allowing volatility to creep into the forex markets" .

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