Rupee turns around in early trade, recovers 14 paise
Mumbai: Breaking its six-day falling spree, the rupee recovered 14 paise to 64.64 against the US dollar in early trade today on fresh selling of the American currency by exporters and banks amid positive economic data.
But the dollar’s firmness against euro and other currencies overseas capped the gains, dealers said.
Besides, a higher opening in the domestic equity market, industrial production growing at a 4-month high of 3.8 per cent in June and inflation falling to 3.78 per cent in July, helped the local currency, they added.
The rupee had tumbled 59 paise to nearly 2-year low at 64.78 against the US dollar in yesterday’s trade on sustained demand for the American currency from importers on the back of a firm greenback overseas following yuan devaluation.
Meanwhile, the benchmark BSE Sensex recovered 278.84 points, or 1.01 per cent, to trade at 27,791.10 in early trade.