Rupee strengthens 38 paise to 73.74 against US dollar

The dollar’s weakness against some currencies overseas, helped the recovery in the domestic currency.

Continuing its recovery, the rupee Friday strengthened 38 paise to 73.74 against the US dollar in early trade in the forex market after global crude prices eased.

Forex dealers said a higher opening in the equity market also supported the rupee’s sentiment. (Reuters File Photo)

Besides, dollar-selling by exporters and banks, the greenback’s weakness against some currencies overseas, helped the recovery in the domestic currency.

Brent crude fell 3 per cent to trade at 80.37 a barrel in the global market.

Forex dealers said a higher opening in the equity market also supported the rupee’s sentiment.

The local unit, after hitting a record low of 74.50 Thursday, recovered 9 paise to end at 74.12 against the dollar.

Meanwhile, the BSE benchmark Sensex rebounded 377.12 points, or 1.11 per cent, to 34,378.27 in opening trade.