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Rupee recovers 30 paise against US dollar in early trade

Mumbai (PTI): The rupee recovered by 30 paise to 60.92 against the US dollar in early trade today at the Interbank Foreign Exchange market following encouraging IIP and CPI numbers.

Forex dealers said dollar’s weakness against other currencies overseas, increased selling of the American unit by exporters and higher opening in the domestic equity market also supported the rupee.

Industrial output entered positive territory and recorded a 0.1 per cent growth in January after contracting for three months in a row, while February retail inflation slowed to 25-month low of 8.10 per cent from 8.79 per cent in January.

The rupee had lost 28 paise to close at 61.22 yesterday against the US currency due to sustained dollar demand from importers.

Meanwhile, the benchmark BSE Sensex rose 40.62 points, or 0.19 per cent, to 21,896.84 in early trade today.

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