Rupee up by 6 paise against dollar in early trade

Mumbai: The rupee strengthened by 6 paise to 62.25 against the dollar in early trade today at the Interbank Foreign Exchange on fresh selling of the US currency by exporters and banks.

Forex dealers said besides selling of the American currency by exporters and banks, a higher opening in domestic stock market supported the rupee. They said, however, gains in dollar against major world currencies overseas limited the rise.

The rupee had ended 9 paise lower at 62.31 against the US currency in yesterday's trade on fag-end dollar demand from banks and importers amid sharp fall in stock markets. Meanwhile, the benchmark BSE Sensex rose by 79.71 points, or 0.27 per cent, to trade at 29,054.82 in early trade.