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The rupee recovered by 19 paise to 65.40 against the dollar in early trade on fresh selling of the American currency by exporters and banks.
Forex dealers said a strong opening in domestic equity markets supported the rupee, but dollar's strength against other currencies overseas capped gains.
The rupee had plunged by 32 paise against the US dollar to one-month low of 65.59 in yesterday's trade on fresh demand for the American currency from banks and importers amid persistent fall in equity markets coupled with strong foreign capital outflows.
Meanwhile, the benchmark BSE Sensex recovered by 162.70 points, or 0.61%, to 26,721.85 in early trade.
