Rupee recovers 9 paise at 66.34 against USD

The rupee recovered 9 paise at 66.34 against the dollar in early trade Friday on fresh selling of the US currency by exporters.

Forex dealers said dollar's weakness against major currencies overseas and early gains in domestic equity markets supported the rupee.

The rupee had slipped marginally by two paise at 66.43 against the US dollar yesterday on good demand for the greenback from banks and importers.

The benchmark BSE Sensex rose 204.65 points, or 0.80 percent, to 25,826.82 in early trade.

The Concerns over downgrading of Brazil's rating to junk by Standard & Poor's and looming fears of a possible rate hike by the US Federal Reserve weighed heavy on the rupee, which declined 31 paise to 66.72 against the US dollar in early trade on Thursday. The domestic currency had strengthened by 14 paise to settle at 66.41 against the US dollar on Tuesday amid persistent selling pressure from banks and exporters. Earlier in the day, S&P's cut Brazil's rating to BB-plus, the highest junk rating, from BBB-minus. 

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