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Rupee strengthens 38 paise in early trade; weakness of dollar helps currency recover

Mumbai: Continuing its recovery, the rupee on Friday strengthened 38 paise to 73.74 against the US dollar in early trade in the forex market after global crude prices eased. 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 percent to trade at 80.37 a barrel in the global market.

Representational image. Reuters

Representational image. Reuters

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 percent, to 34,378.27 in opening trade.

Updated Date: Oct 12, 2018 10:21 AM

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