The rupee appreciated by 23 paise to 51.17 against the US dollar in early trade at the Interbank Foreign Exchange market today as the American currency fell against the euro and other currencies overseas.
Besides gains in euro and other currencies against the US dollar, a higher opening in the equity market and dollar selling by exporters supported the rupee, dealers said.
The domestic unit had plunged 62 paise to close at an almost 11-week low of Rs 51.40/41 yesterday against the dollar on sustained demand for the US currency from importers.
Meanwhile, the BSE benchmark Sensex recovered by 157.08 points or 0.92 per cent to 17,215.69 in early trade.