Rupee recovers from record low; up 14 paise against dollar

It strengthened to trade at 55.86 against the American currency on the Interbank Foreign Exchange market in pre-close trade today 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 today against the yesterday'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.