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Rupee recovers by 12 paise against USD in early trade

Mumbai (PTI): The rupee recovered by 12 paise to trade at 11-month high of 58.40 against the US dollar in early trade today at the Interbank Foreign Exchange market on increased foreign capital inflows ahead of swearing-in of Narendra Modi as the Prime Minister of India.

Besides, increased dollar selling by exporters, a higher opening in the domestic equity market and strengthening of euro against the American currency overseas also supported the rupee.

The rupee had depreciated by five paise to end at 58.52 against the US dollar on Friday on demand for the American currency from oil importers.

Meanwhile, the benchmark BSE Sensex regained the 25,000 mark by surging 344.19 points, or 1.39 per cent, to touch 25,037.54 in opening trade today.

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