Mumbai, May 25: The rupee continued to recover for the second day today, climbing 14 paise to 68.20 against the dollar on increased selling of the greenback by exporters and banks amid rising domestic equity market. Forex dealers said, besides increased selling of the American currency by exporters as well as banks, a higher opening in the domestic equity market supported the rupee.

The dollar's weakness against some currencies overseas after US President Donald Trump's decision to cancel a summit with North Korean leader Kim Jong Un, supported the rupee. Yesterday, the local currency had rebounded from near 18-month low to close with gains of 8 paise at 68.34 against the US dollar as the greenback fell against global currencies after minutes of the Federal Reserve committee revealed a relatively dovish stance over interest rate hikes. Meanwhile, the benchmark BSE Sensex was up 123.29 points, or 0.35 percent, at 34,786.40 in early trade.

(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)