Mumbai, Mar 7: Extending its gains for the fourth straight day, the rupee today strengthened by 8 paise to trade at almost three-month high of 61.03 against the dollar in early trade at the Interbank Foreign Exchange. Besides, a higher opening in the domestic equity market, where the Sensex soared to hit new record high of 21,710 on strong FII inflows, also supported the local currency, forex dealers said.Increased selling of the American currency by banks and exporters also boosted the rupee’s sentiment, they said.
The rupee had zoomed 64 paise to close at 61.11 against the US dollar in yesterday’s trade after domestic stock indices logged new peaks.