Rupee shows strength in early morning trade

Mumbai: The rupee strengthened by 7 paise to 66.74 against the dollar in opening trade today at the forex market on fresh selling of the US currency by exporters and banks amidst higher opening in the domestic equity market.

Forex dealers said that besides selling of the American currency by exporters and banks, weakness in the dollar against other currencies overseas propped the rupee. Further, a higher opening in the domestic equity market influenced the rupee uptrend, they added.

On Friday, the rupee had lost 11 paise to 66.81 against the US dollar on fresh demand for the American greenback from banks and importers. Meanwhile, the benchmark BSE Sensex rose by 125.18 points, or 0.43 per cent, at 28,957.63 in early trade today.