Mumbai, Feb 12: The rupee today appreciated by 16 paise to 62.06 against the US dollar in early trade at the Interbank Foreign Exchange market on increased selling of the American currency by exporters.

Dealers said besides increased dollar selling by exporters, a higher opening in the domestic equity market supported the rupee.

The rupee strengthened by 21 paise to close at 62.22 in yesterday’s trade, logging its best daily gain in two weeks after trade gap narrowed in January and the dollar fell ahead of Fed Reserve chief Janet Yellen’s testimony to US Congress.

Meanwhile, the benchmark BSE Sensex surged 104.43 points, or 0.51 per cent, to 20,467.80 in early trade. PTI