Rupee recovers 28 paise against US dollar in early trade

The rupee Wednesday rebounded from its all-time low by rising 28 paise to 72.70 against the US dollar in early trade at the Interbank Foreign Exchange market on fresh selling of the US currency by exporters and banks.

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Besides, dollar-selling by exporters and banks, easing crude prices in the global market and weakness in the dollar against other currencies overseas, helped the domestic currency rebound, forex dealers said.

A higher opening in the equity market also supported the recovery in the rupee, they said.

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The rupee Tuesday slid further by 47 paise to settle at a record low of 72.98 after scaling an all-time low of 72.99 (intra-day) against the US currency due to surging crude oil prices and escalating trade war worries.

Meanwhile, the BSE benchmark Sensex recovered by 142.26 points, or 0.38 per cent, to 37,432.93 in opening trade Wednesday.