Rupee jumps 31 paise in early trade

NEW DELHI, 16/05/2012: The rupee slumped to an all-time low of 54.56 against the dollar in afternoon trade on May 16, 2012, even as the Reserve Bank of India broke its silence over the falling rupee, saying it would do its "best possible to curb volatility" in New Delhi, on May 16, 2012. Photo: V.V. Krishnan

Extending its rising streak for the fourth straight day, the rupee surged by 31 paise to trade at two-week high of 61.09 against the dollar in early trade on Thursday at the Interbank Foreign Exchange on sustained selling of the U.S. currency by exporters and banks.

Forex dealers said besides selling of the American unit by exporters and easing global crude prices, gains in other Asian currencies against the dollar and a higher opening in the domestic stock market, buoyed the sentiment.

The rupee had gained three paise to close at 61.40 against the dollar in yesterday’s trade due to strong selling pressure on the Greenback from banks and exporters.

Meanwhile, the benchmark BSE Sensex recovered sharply by 312.81 points, or 1.19 per cent, to trade at 26,559.60 in early trade.