Snapping its four-day falling streak, Indian rupee today recovered by 5 paise to 62.20 against the US dollar in early trade at the Interbank Foreign Exchange market on back of selling of the American currency by exporters.
According to Forex dealers, a higher opening in the domestic equity market and weakening dollar against other overseas currencies, strengthened the rupee.
The rupee had lost 33 paise to close at 62.25 against the dollar yesterday amid RBI Governor Raghuram Rajan’s comment that an “excessively strong rupee” is undesirable as it triggers disinflationary pressures.
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The benchmark BSE Sensex rose by 111.44 points, or 0.37 per cent, to 29,492.17 in early trade today.
