Rupee gains 7 paise against dollar in early trade
Mumbai: Snapping its four-day losing streak, the rupee recovered by seven paise to 60.61 against the US dollar in early trade at the Interbank Foreign Exchange market on Wednesday amid sustained overseas capital inflows.
Fresh selling of the American currency by exporters amid sustained inflows of foreign funds supported the rupee, forex dealers said. Besides, a higher opening in the domestic equity market also helped the rupee but the dollar's gain against other currencies overseas, capped the rise, they added.
The rupee had lost 15 paise to hit two-week closing low of 60.68 against the dollar in yesterday's trade on consistent demand for the US currency from importers and some banks on strong global cues. Meanwhile, the benchmark BSE Sensex rose 129.51 points, or 0.47 percent, to hit new record-high of 27,148.90 in opening trade.