Continuous selling of US currency by exporters and banks supported rupee trade.
Mumbai: The rupee strengthened by 22 paise to 63.83 against dollar at the interbank foreign exchange in early trade on Friday on continuous selling of the US currency by exporters and banks.
A fall in dollar against major world currencies globally boosted the rupee, currency traders said.
The dollar fell to its weakest level since 2015 as experts warn that Hurricane Irma could have devastating impact on the US. The powerful storm has left a trail of death and destruction in the Caribbean and is headed towards the US.
The European Central Bank also raised its economic growth forecast for this year, which boosted the euro.
Besides, increased selling of the dollar by exporters and banks and a higher opening in the domestic equity market supported the rupee, they added.
Yesterday, the rupee had closed five paise higher at 64.05 against the American unit.
Meanwhile, the benchmark BSE Sensex was trading higher by 100.96 points, or 0.31 per cent, at 31,763.70 in early session Friday.