Rupee recovers early losses, up 14 paise against dollar on positive equities

Mumbai: The rupee gained 14 paise to 88.85 against the U.S. dollar in early trade on Friday amid a positive trend in domestic equities.

The local unit remained above the key psychological barrier of 96 per dollar, traders said. Forex traders said persistent dollar demand from domestic importers, particularly oil companies, elevated crude oil prices, and broad-based strength in the U.S. dollar index following hawkish Federal Reserve rate signals weighed on the local unit.

The domestic equity market was trading in the positive territory in early trade, providing support to the rupee.