Rupee rebounds 8 paise in opening trade

Mumbai: The rupee strengthened by 8 paise to 66.40 against the US dollar in opening trade at the interbank foreign exchange market today on some selling of the greenback by exporters and banks.

A higher opening of domestic equities too lifted the domestic currency, dealers said.

The rupee on Monday had lost 36 paise to hit a fresh 13-month low of 66.48 against the US dollar as rising crude prices and sustained foreign fund outflows led to subdued forex market sentiment.

In global trade, the US dollar had strengthened against major world currencies overseas, while investors maintained focus on the US Treasury market, where the 10-year yields were near with 3 %.

Meanwhile, the benchmark BSE Sensex recovered 147.25 points, or 0.42 %, to 34,598.02 points in early trade today.