Rupee recovers 13 paise at 62.38 against US dollar

Mumbai: The rupee recovered by 13 paise at 62.38 against the US dollar in early trade on Wednesday at Interbank Foreign Exchange after the Greenback weakened overseas due to disappointing American retail sales data.

Forex dealers said besides increased selling of the US dollar by exporters, a higher opening in the domestic equity market, supported the rupee.

The rupee had lost 20 paise to close at over one-week low of 62.51 against the American currency on Monday following sustained dollar demand from importers amid strong overseas cues.

Meanwhile, the benchmark BSE Sensex rose by 50.17 points, or 0.17 per cent, at 29,094.61 in early trade.