Rupee recovers 7 paise against US dollar in early trade

MUMBAI: Reversing its three-day downward trend, therupee recovered by 7 paise to 67.12 against the US dollarat the forex market in early trade on Tuesday on fresh selling of the American currency by exporters.

Besides, the dollar’s weakness against some currencies overseas supported the rupee but early losses in the domestic equity market restricted gains, dealers said.
The rupee had lost 14 paise to close at one-month low of 67.19 against the US currency in Monday’s trade on increased dollar demand from importers and banks amid weak equity markets.
Meanwhile, the benchmark BSE Sensex was trading lower by 45.55 points or 0.16 per cent at 27,939.99 in early trade on Tuesday.