Rupee gains 29 paise against dollar in early trade

Mumbai, Aug 4: The rupee recovered from over four-month low by strengthening 29 paise to 60.89 against the dollar in early trade today at the Interbank Foreign Exchange market on increased selling of the US currency. Forex dealers said a higher opening in the domestic equity market also supported the rupee but the dollar’s gain against other currencies overseas limited the rise.

The domestic currency had lost 63 paise to close at over four-month low of 61.18 against the dollar in Friday’s trade on weakness in global stock markets and a strong US currency overseas. Meanwhile, the benchmark BSE Sensex recovered by 128.14 points, or 0.50 per cent, to 25,608.98 in early trade today.