Mumbai: Rupee on Tuesday strengthened by 16 paise to trade at 54.95 against Dollar at  Interbank Foreign Exchange on selling of US currency by exporters.

The local currency had lost 23 paise to close at five-month low of 55.11 a dollar on Monday due to sustained Dollar demand from oil importers.

Dealers said besides increased Dollar selling by exporters, a higher opening in domestic equity market and Euro's gain against the American currency overseas helped Rupee to recover.

Meanwhile, the BSE benchmark index Sensex recovered by 35.41 points, or 0.18 per cent, to 20,259.39 in the early trade.


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