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Besides, selling of American currency by banks and dollar's weakness against other currencies overseas, supported the rupee, forex dealers said.
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Updated : Mar 19, 2018, 02:58 AM IST
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The rupee recovered by 19 paise to 58.20 against the dollar in early trade on Wednesday at the Interbank Foreign Exchange market after RBI announced steps to check free-fall in rupee, raising the limit for online repatriation of export proceeds by over three-fold to USD 10,000.
Besides, selling of American currency by banks and dollar's weakness against other currencies overseas, supported the rupee, forex dealers said.
The rupee fell to all-time low of 58.98 intra-day against dollar in Tuesday's trade on intense demand for the US currency, but ended 24 paise down at 58.39, a record low.
With an aim to arrest rupee slide by boosting forex inflows, RBI had yesterday raised the limit for online repatriation of export proceeds by over three-fold to USD 10,000 and made it mandatory for units in Special Economic Zones to repatriate full value of exports within 12 months.
Meanwhile, the 30-share BSE Sensex fell by 90.87 points, or 0.47%, to 19,052.13 in early trade on Wednesday.
