India, Sept. 18 -- The rupee strengthened 16 paise to 95.73 against the US dollar in early trade on Friday, recovering from a more than two-month low, supported by buying in domestic equities and easing crude oil prices in global markets.
Forex analysts said the decline in crude prices below $104 a barrel, after a sharp rise earlier in the week, helped ease pressure on the Indian currency. The rupee also found support as US bond yields retreated from recent highs following the US Federal Reserve's 25-basis-point interest rate hike.
At the interbank forex market, the rupee opened at 95.75 against the greenback and edged up to 95.73, gaining 16 paise from its previous close.
Published by HT Digital Content Services with permission from Dio...