Mumbai, India (BBN)-Indian Rupee edged higher by five paise to 64.69 against the dollar at the Interbank Foreign Exchange in early trade on increased selling of the US currency by banks and exporters amid sustained foreign fund inflows.
Dealers said that apart from increased selling of the US unit by exporters and banks, weakening of dollar overseas where it dropped to about three-week low against basket of major currencies, also supported the domestic currency, reports the PTI.
Gain in stock market also helped rupee strengthen against the dollar, they added.
The rupee had bounced back by 32 paise to 64.74 against the US dollar in Friday’s trade on fresh selling of the American currency by banks and exporters on the back of recovery in the equity market.
Meanwhile, the benchmark BSE Sensex surged 225.53 points or 0.83 per cent to trade at 27,305.04 in opening deals.