Mumbai, May 24 (PTI) The rupee recovered from a near 18-month low by rising 12 paise to 68.30 against the dollar in opening trade today at the forex market on fresh selling of the US currency by exporters and banks.
The minutes from the US Federal Reserve’s meeting yesterday appeared to have reassured investors that the central bank will not be too aggressive with raising interest rates, forex dealers said.
Besides selling of the American currency by exporters and banks, weakness in the dollar against some other currencies overseas propped the rupee, the said.
Further, a higher opening in the domestic equity market too influenced the rupee uptrend, they added.
Yesterday, the rupee had lost 38 paise to hit a near 18-month low of 68.42 against the US dollar following relentless capital outflows amid concerns over macro conditions and surging crude oil prices.
Meanwhile, the benchmark BSE Sensex rose 119.56 points, or 0.34 per cent, to 34,464.47 in early trade today.