Rupee up 7 paise against dollar in early trade

Mumbai, May 29 : The rupee strengthened by seven paise to 58.86 against the dollar in early trade today at the Interbank Foreign Exchange market on increased selling of the US currency by exporters. The local currency had gained 11 paise to close at 58.93 per dollar yesterday following late selling of the American currency by exporters amid stable local equities.

Forex dealers said besides increased dollar selling by exporters, strength in other currencies against the American currency overseas also supported the rupee but a lower opening of the domestic equity market capped the gains. Meanwhile, the benchmark BSE Sensex fell by 77.78 points, or 0.32 per cent, to 24,478.31 in early trade today.