Rupee gains momentum, up 4 paise against dollar
The rupee appreciated by another 4 paise to 63.47 against the US dollar in the early trade today, extending its winning streak for the fourth day on continued selling of the American currency by exporters.
Forex dealers said that apart from sustained selling of the American currency by exporters, dollar's weakness against other currencies overseas backed up the rupee at the Interbank Foreign Exchange.
Furthermore, a higher opening in the domestic equity markets put the rupee on a strong footing. The local currency had gained 14 paise to close at 63.51 on Friday. Meanwhile, the benchmark BSE Sensex rose 126.47 points, or 0.460 per cent, to 27,450.47 in early trade.