The rupee today gained 16 paise to 62.37 against the dollar in early trade at the Interbank Foreign Exchange on increased selling of the US currency by exporters and banks.

Forex dealers said strengthening of other currencies against the dollar overseas and a higher opening in the domestic equity market also supported the local currency.

The rupee had gained three paise to end at 62.53 yesterday on late dollar selling by exporters and some banks.

Meanwhile, the benchmark BSE Sensex rose by 42.89 points, or 0.21 per cent, to 20,254.82 in early trade today. PTI