The rupee today gained a hefty 48 paise to 60.13 against the dollar in early trade at the Interbank Foreign Exchange market on increased selling of the US currency by banks amid hopes that the Reserve Bank will take more steps to stem the fall.
Forex dealers said besides heavy selling of the American currency by banks and exporters, a higher opening in the domestic stock market, supported the rupee.
The rupee had lost 39 paise to close at 60.61 after touching a fresh life-time low of 61.21 against the US currency yesterday.
Meanwhile, the BSE benchmark index Sensex recovered by 121.53 points, or 0.63 per cent, to 19,446.30 in early trade today.
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