Rupee recovers from record low; up 14 paise against dollar

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After hitting a record low of Rs 56.38 against the US dollar during the day, the rupee recovered 14 paise from Wednesday's closing level of 56 in the late afternoon trade.

It strengthened to trade at 55.86 against the American currency on the Interbank Foreign Exchange market in pre-close trade on Thursday on selling of the dollar by banks and exporters.

Forex dealers said that besides the selling of dollars by some state-owned banks and exporters, rebound in the stock market, and steps taken by the Reserve Bank, helped the rupee recover from an all-time low.

In highly volatile movements, the rupee had plunged against the dollar to a historic low of 56.38 in late morning trade on Thursday against the Wednesday's close of Rs 56.

Meanwhile, the 30-share BSE Sensex, regained the psychological 16,000 points level by surging 276.49 points at 16,224.59 in pre-close trade.