Rupee gains 12 paise at 65.29 against dollar

Mumbai: The rupee recovered by 12 paise to trade at 65.29 against the dollar on Wednesday on fresh selling of the US currency by exporters amid sustained foreign fund inflows.

The dollar also weakened against other major global currencies as the International Monetary Fund trimmed its global economic growth forecast and the US trade deficit widened, dealers said.

A higher opening in the domestic equity market supported the rupee, they said.

The rupee had dropped 12 paise against the dollar to close at 65.41 yesterday on fresh demand for the American currency from banks and importers on the back of higher greenback overseas.

Meanwhile, the benchmark BSE Sensex was trading higher by 34.16 points, or 0.12 per cent, at 26,967.04 in opening trade.