Rupee recovers 7 paise to 60.38 against US dollar

Mumbai: The rupee recovered by 7 paise to trade at 60.38 against the US dollar in early trade on Thursday on selling of the American currency by banks and exporters amid sustained foreign capital inflows.

Besides, a higher opening in the domestic equity market and strengthening of the euro against the dollar overseas also supported the local currency, forex dealers said.

On Wednesday, the rupee had lost two paise to close at 60.45, nearing its four-week high levels, against the American currency on dollar demand from importers.

Meanwhile, the benchmark BSE Sensex rose 82.66 points, or 0.31 percent, to trade at new life-time high of 26,642.81 in opening trade today.