Indian rupee recovered by 15 paise to 58.62 against the dollar in early trade today at the Interbank Foreign Exchange market on increased selling of the US currency by exporters.
However, US dollar's strength against other currencies overseas capped the rupee's gain as investors await the conclusion of the US Federal Reserve's policy meeting and a
weak opening in the domestic equity market.
The rupee sank by a whopping 90 paise to an all-time closing low of 58.77 in yesterday's session on massive dollar buying by banks and importers.
Forex dealers said fresh selling of the American currency by exporters and hopes that the RBI may take steps to arrest rupee slide helped local currency to recover.
Meanwhile, the 30-share BSE Sensex fell by 61.96 points, or 0.32 per cent, to 19,161.32 in early trade today.
Indian rupee approaches record low ahead of Fed meeting
(Reuters) Indian rupee was off session lows in early trade on Wednesday, but still remained close to its record low ahead of the outcome of the Federal Reserve meeting that may signal a tapering down of the U.S. stimulus programme.
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The rupee was trading at 58.70/72 per dollar at 0336 GMT after opening at 58.82. The rupee hit a record closing low of 58.77/78 on Tuesday, and remains within touch of an all-time low of 58.98 last week.