Rupee up by 7 paise against dollar in early trade

Mumbai: The rupee strengthened by 7 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 hadgained 11 paise to close at 58.93 per dollar 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.