Rupee up 10 paise to hit fresh 11-month high

Mumbai, May 23 : Extending yesterday’s gain, the rupee today rose by another 10 paise to trade at a fresh 11-month high of 58.37 against the US dollar in early trade on increased selling of the American currency by exporters.

Increased selling of the dollar by banks and exporters amid sustained foreign capital inflows supported the rupee, dealers said. Besides, a higher opening in the domestic equity market also helped the rupee, but dollar’s gain against other currencies overseas limited the rise, they added.

The rupee rose 30 paise, its biggest single-day gain in a week, to close at over 11-month peak of 58.47 against the dollar yesterday.
Meanwhile, the benchmark BSE Sensex rose 121.05 points, or 0.50 per cent, to trade at 24,495.45 in early trade.