Rupee strengthens 24 paise at 66.31 against US dollar

 The rupee advanced by 24 paise to 66.31 against the dollar at the Interbank Foreign Exchange in early trade on Wednesday on sustained selling of the US currency by banks and exporters.

Dealers said apart from increased selling of the US currency by exporters and banks, weakening of dollar overseas also supported the domestic currency.

Gains in stock markets also helped rupee strengthen against the dollar, they added.

The rupee had recovered by 27 paise to close at 66.55 against the US dollar in yesterday's trade on fresh selling of the American currency by banks and exporters amid a weak greenback in overseas markets.

Meanwhile, the benchmark BSE Sensex climbed 427.28 points or 1.69 per cent to trade at 25,745.15 in deals. 

Sensex rebounds 424 points on global leads; Nifty above 7,600.

 The China factor, for a change, gave markets some cheer Tuesday as a late surge in Chinese equities propelled the benchmark BSE Sensex by 424 points, which signed off above the psychological 25,000-level.

The rub-off effect was visible on the NSE Nifty, which too picked up.

The meeting of the Prime Minister Narendra Modi with industry captains, bankers and economists to discuss ways and means to support the economy amid a global slowdown gave investors a lot to chew on, which in turn boosted sentiment.