The rupee on Wednesday gained 22 paise to 52.65 against the US dollar in early trade, extending gains at the Interbank Foreign Exchange market on selling of the American currency by exporters and banks.

Besides, a higher opening in the equity market and strengthening of euro against the dollar overseas following Moody’s decision not to downgrade Spain’s credit rating, also supported the rupee, forex dealers said.

The rupee had gained 14 paise to close at 52.87 yesterday on fresh dollar selling by exporters on the back of sluggish movements of the US currency overseas.

The BSE benchmark Sensex recovered by 98.07 points, or 0.53 per cent, to 18,675.77 in early trade.

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