Mumbai, April 26:  The rupee recovered from the 14-month low to trade higher by 11 paise at 66.79 against the US dollar in opening session today on fresh selling of the dollar by exporters and banks amidst higher opening in the domestic equity market.

Forex dealers said besides selling of the American currency by exporters and banks, weakness in the dollar against other currencies overseas supported the rupee.

Further, a higher opening in the domestic equity market influenced the rupee uptrend, they added.

The rupee opened higher by 2 paise at 66.88 against the US dollar at the Interbank Foreign Exchange market.

The domestic currency had tumbled 52 paise to hit a 14-month low of 66.90 against the US dollar, the third biggest single-day fall for the domestic currency this year, amid surging crude prices coupled with headwinds on the macro-economic front in form of widening trade deficit.

Meanwhile, the benchmark BSE Sensex recovered by 57.35 points, or 0.16 per cent, at 34,558.62 in early trade today.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)