Rupee recovers 8 paise against dollar in early trade

Mumbai, Jul 8: The rupee on Tuesday recovered by 8 paise to 59.93 against the US in early trade at the Interbank Foreign Exchange market on increased selling of the American currency by exporters.

Besides, strengthening of the euro and yen against the dollar in overseas market and a higher opening in the domestic equity market also supported the rupee, forex dealers said.

The rupee had lost 29 paise, its biggest drop in nearly three weeks, to close at 60.01 against the dollar Monday on rising demand for the US currency from custodian banks.

Meanwhile, the benchmark BSE Sensex rose by 90.36 points, or 0.34 per cent, to trade at a new record high of 26,190.44 in opening trade Tuesday.