Mumbai, India (BBN)-After falling for two straight days, Indian rupee strengthened by 7 paise to 63.53 against the dollar in early trade on Thursday at the Interbank Foreign Exchange market on fresh selling of the American currency by exporters.
A higher opening in the domestic equity market and the dollar’s weakness against other currencies overseas supported the rupee, forex dealers said, reports the Press Trust of India.
The rupee had depreciated by 14 paise to close at an over one-week low of 63.60 against the American currency in Wednesday’s trade on steady dollar demand from state-owned banks and importers.
Meanwhile, the benchmark BSE Sensex recovered 110.41 points, or 0.39 per cent, to 27,798.13 in early trade Thursday.