Rupee rebounds 12 paise against dollar in early trade

Indian markets started on a happier note as Rupee rebounded nearly 12 paise against the Dollar on increased selling of the US currency by banks and exporters.

A lower opening in the domestic stock market and dollar’s strength against some currencies overseas poured cold water on the rupee’s gain, dealers said.

The rupee, hit by the Brexit panic wave, had plunged as much as 71 paise to end at a four-month low of 67.96 on Friday on fresh demand for the US currency as the latter rose overseas amid a sharp fall in equities across the globe.

Meanwhile, the benchmark BSE Sensex fell further by 98.84 points, or 0.37 per cent, to 26,298.87 in early trade.