Rupee recovers from record low, up 27 paise against USD

Mumbai, May 17: After plunging to a record low in yesterday's

, the

recovered by 27 paise to trade at 54.23 against the

on the Interbank Foreign Exchange market in early trade today on selling of

currency by banks.

Dealers said besides dollar selling by some banks and a higher opening in equity market, gains in the euro overseas against the American currency supported the rupee.

The rupee had plunged against the dollar to a historic low of 54.56 before closing at 54.50 in yesterday's trade, a lowest closing ever. Meanwhile, the 30-share BSE Sensex recovered by 151.56 points, or 0.94 per cent, to 16,181.65 in early trade today.

PTI