Later, it depreciated sharply to a nine-month low at 62.22 before paring some of its losses to quote at 61.14 per dollar at 10:30 AM.
The rupee hovered in a range of 61.22 and 62.03 per dollar in late morning deals.

Strengthening dollar overseas and higher importers' demand weighed heavily on the rupee movement, dealers said.

In the New York market, US dollar was trading strong against its major rivals and the Japanese yen slid to a seven-year low as speculators poured into carry trades funded by a tide of super-cheap liquidity from Bank of Japan.

Meanwhile, the benchmark BSE Sensex was trading higher by 25 points, or 0.09 percent, to 28,057.83 at 10:50 AM.

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