Rupee up 26 paise against dollar

The rupee on Wednesday gained 26 paise to 59.50 against the dollar in early trade at the Interbank Foreign Exchange market on fresh dollar selling by exporters after the RBI announced additional measures to arrest the local currency’s slide.

Forex dealers said additional tightening measures announced by the RBI to contain excessive speculation and volatility in the foreign exchange market, supported the local currency.

The rupee had lost four paise, to close at 59.76 against the dollar on Tuesday on sustained demand from importers and a rise in the US currency overseas.