MUMBAI – In early trade on Wednesday, Indian rupee strengthened by 9 paise to 61.60 against the US Dollar extending its rising streak for the fifth straight day at the Interbank Foreign Exchange (Forex) market.
Besides selling of the US currency by exporters and banks, continued foreign fund inflows and a higher opening in the domestic equity market helped the rupee to strengthen, traders said. Dollar’s weakness against other currencies overseas supported the local unit.
The local unit settled two paise higher at 61.69 against the dollar in Tuesday’s trade with banks and exporters selling the American unit amid sustained capital inflows in view of strong equity markets. The benchmark Bombay Stock Exchange (BSE) index Sensex on Tuesday surged by 75.24 points (or 0.26 per cent), to trade at a new high of 28,859.91 early trade.
