Rupee recovers from record low, up 27 paise against dollar

After plunging to a record low in yesterday'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 today on selling of US currency by banks.

Dealers said besides dollar selling by some banks and a higher opening in 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 yesterday's trade, a lowest closing ever.

Meanwhile, the 30-share BSE Sensex recovered by 151.56 points, or 0.94%, to 16,181.65 in early trade today.