Rupee recovers from record low, up 27 paise against dollar

After plunging to a record low in Wednesday's trade, the rupee recovered by 27 paise to trade at 54.23 against the dollar on the Interbank Foreign Exchange market in early trade on Thursday on selling of the US currency by banks. 

Dealers said that besides dollar selling by some banks and a higher opening in the equity market, gains in the euro overseas against the American currency supported the rupee.

The rupee had plunged against the dollar to a historic low of 54.56 before closing at 54.50 in  Wednesday's trade, a lowest closing ever.

Meanwhile, the 30-share BSE Sensex recovered by 151.56 points, or 0.94 per cent, to 16,181.65 in early trade on Thursday.

Also read: What more can India do to support the rupee?