Mumbai: The rupee recouped sharply by 24 paise to 64 against the US dollar in early trade today on increased selling of the American currency by exporters and banks amid a higher opening in the domestic equity market.
Forex dealers said weakness in the dollar against other currencies overseas supported the rupee.
Further, a higher opening in the domestic equity market gave the uptrend some momentum, they added.
On Friday, the domestic unit ended lower by 8 paise at 64.24 a dollar on sustained month-end demand for the US currency from importers and banks.
Forex market remained closed yesterday on account of “Maharashtra Day”.
Meanwhile, the benchmark BSE Sensex rose 134.33 points, or 0.44 per cent, to 30,052.73 in early session today.