Rupee Gains 14 Paise Against Dollar In Early Trade

The rupee recovered by 14 paise at 62.20 against the US dollar in early trade on Friday at the Interbank Foreign Exchange market on fresh selling of the American currency by exporters. Forex dealers said though selling of the US currency by exporters and banks supported the rupee but the dollar's strength against other currencies overseas and a lower opening in domestic equity markets, limited the rise. The rupee had lost 18 paise against the American currency on Wednesday due to fresh dollar demand from banks and importers. Forex markets remained closed yesterday on account of 'Chatrapathi Shivaji Maharaj Jayanti'. Meanwhile, the benchmark BSE Sensex fell by 267.52 points, or 0.91 per cent, to 29,194.75 in early trade.