Rupee recovers from record low; up 19 paise vs dollar

With an aim to arrest rupee slide by boosting forex inflows, RBI had yesterday raised the limit for online repatriation of export proceeds by over three-fold to $ 10,000 and made it mandatory for units in Special Economic Zones to repatriate full value of exports within 12 months.

The rupee recovered by 19 paise to 58.20 against the dollar in early trade on Wednesday at the Interbank Foreign Exchange market after RBI announced steps to check free-fall in rupee, raising the limit for online repatriation of export proceeds by over three-fold to $ 10,000.

Besides, selling of American currency by banks and dollar's weakness against other currencies overseas, supported the rupee, forex dealers said.

The rupee fell to all-time low of 58.98 intra-day against dollar in Tuesday's trade on intense demand for the US currency, but ended 24 paise down at 58.39, a record low.

With an aim to arrest rupee slide by boosting forex inflows, RBI had yesterday raised the limit for online repatriation of export proceeds by over three-fold to $ 10,000 and made it mandatory for units in Special Economic Zones to repatriate full value of exports within 12 months.

Meanwhile, the 30-share BSE Sensex fell by 90.87 points, or 0.47 per cent, to 19,052.13 in early trade today.