Rupee up 11 paise against dollar in early trade

Mumbai, May 2: Continuing its rising streak, the Indian rupee strengthened by another 11 paise to trade at 60.20 against the dollar in early trade on Friday at the Interbank Foreign Exchange market on sustained selling of the US currency by exporters and banks.

The rupee had gained 11 paise to close at more than one-week high of 60.31 against the dollar on Wednesday. Forex and money markets were closed on Thursday on account of “Maharashtra Day“.

Traders said dollar selling by exporters and banks and increased capital inflows helped the domestic currency to strengthen.

They said, however, dollar’s strength against other currencies overseas capped the rupee’s gains.

Meanwhile, the benchmark BSE Sensex rose by 157.18 points, or 0.70 per cent, to 22,574.98 in early trade today.