Rupee gains 38 paise against dollar in early trade

Mumbai: The rupee strengthened by 38 paise to 66.84 against the dollar at the Interbank Foreign Exchange in early trade today on increased selling of the US currency by exporters and banks amidst higher opening in the domestic equity market.

Besides, weakness in the dollar against other currencies overseas after the Federal Reserve kept interest rates unchanged, supported the rupee. Further, a higher opening in the domestic equity market influenced the rupee uptrend, they added.

Yesterday, the rupee had recovered 16 paise to close at 67.22 on fresh selling of the dollar by banks and exporters. Meanwhile, the benchmark BSE Sensex rose by 255.75 points, or 1.03 per cent, at 24,938.23 in early trade today.