Rupee gains 60 paise against US dollar on RBI measures

Mumbai: The rupee today recovered by a hefty 60 paise to 53.24 against the US dollar in early trade on the Interbank Foreign Exchange market after the Reserve Bank tightened norms for utilisation of the foreign currency fixed deposit funds to check outflow of forex.

Dealers said besides measures announced by the RBI to check outflow of forex, euro’s gains against the US dollar overseas and a higher opening in the domestic equity market helped the rupee to recover from all-time low.

The rupee closed at all-time low of Rs 53.84, losing a hefty 72 paise against the dollar yesterday due to sustained demand for the US currency which rose sharply against major rivals.

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Meanwhile, the BSE benchmark Sensex recovered by 151.44 points, or 0.92 per cent, to 16,631.02 in early trade today.

PTI