Rupee recovers 6 paise against dollar in early trade

Mumbai: The rupee on Monday recovered by six paise to 54.70 against the dollar in early trade at the Interbank Foreign Exchange (forex) market on selling of the US currency by exporters and banks. Forex dealers said strengthening of euro against the dollar overseas after ECB chief Mario Draghi's positive comments last week about the euro-zone's outlook and a higher opening in the local equity market also supported the rupee.

The rupee had lost 19 paise to close at 54.76 against the dollar on Friday on weak industrial production data and rising trade deficit due to fall in exports. Meanwhile, the BSE benchmark index Sensex rose by 66.70 points, or 0.34 per cent, to 19,730.34 in early trade on Monday.