Rupee recovers against dollar in early trade

Rupee

Mumbai, Feb 21: The rupee recovered by nine paise to 62.14 against the dollar in early trade on Friday at the Interbank Foreign Exchange market on increased selling of the US currency by exporters.

The local currency had lost three paise to close at 62.23 per dollar on Thursday due to late demand for the American currency from importers and weakness in local equities.

Forex dealers said besides increased dollar selling by exporters, a higher opening of the domestic equity market helped rupee to trade a shade higher but the US currency’s strength against other currencies overseas capped the gains to some extent.

Meanwhile, the benchmark BSE Sensex rose by 105.36 points, or 0.51 per cent, to 20,642.00 in early trade on Friday. PTI