Rupee recovers from 14-month low in early trade, up 7 paise against US dollar

The rupee had tumbled 52 paise to hit a 14-month low of 66.90 against the US dollar, the third biggest single-day fall for the domestic currency this year.

The rupee recovered from a 14-month low to trade higher by 7 paise at 66.83 against the US dollar in opening session on Thursday, on fresh selling of the dollar by exporters and banks amidst a higher opening in the domestic equity market.

2The rupee opened higher by 2 paise at 66.88 against the US dollar at the Interbank Foreign Exchange market. (Hemant Mishra/Mint)

Forex dealers said besides selling of the American currency by exporters and banks, weakness in the dollar against other currencies overseas supported the rupee.

Further, a higher opening in the domestic equity market influenced the rupee uptrend, they added.

The rupee opened higher by 2 paise at 66.88 against the US dollar at the Interbank Foreign Exchange market.

The domestic currency had tumbled 52 paise to hit a 14-month low of 66.90 against the US dollar, the third biggest single-day fall for the domestic currency this year, amid surging crude prices coupled with headwinds on the macro-economic front in form of widening trade deficit.

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