Mumbai, India (BBN) – The rupee strengthened by 16 paisa to 68.05 against the dollar in early trade at the Interbank Foreign Exchange market Tuesday on increased selling of the US currency by exporters and banks amid a firm domestic equity market.
Forex dealers attributed the dollar’s weakness against other currencies to investors viewing the recent spurt of the greenback as unsubstantiated which supported the rupee, reports The Hindu Business Line quoting PTI.
A firm domestic equity market also influenced the rupee uptrend, they added.
Yesterday, the rupee had settled almost flat with negative bias at 68.21 against the US currency in restricted trade.
Meanwhile, the benchmark BSE Sensex rose 119.88 points, or 0.45 per cent, at 26,468.98 in early trade.