Recovering from initial losses, the Sensex at the Bombay Stock Exchange had surged 314 points, or 1.5 percent, to 20,884 in afternoon trade a short while ago, after the Reserve Bank unveiled its monetary policy review. Earlier in the morning, however, the Sensex had fallen 39 points, or 0.2 per cent, to 20,532 on investor caution ahead of the RBI's policy review.

Stock markets in Japan, China, Hong Kong, South Korea, Sinagpore, and Tawan were trading mixed, today. The US Dow Jones Industrial Average had ended unchanged in yesterday's trade.

The rupee today dropped by 14 paise to 61.66 rupees against the Dollar in late morning trade on sustained month-end demand for the US currency from importers in spite of persistent foreign capital inflows. The rupee resumed lower at 61.60 rupees per dollar as against the last closing level of 61.52 rupees.It dropped further to 61.69 before quoting at 61.66 per Dollar.