The rupee strengthened by 19 paise to 58.98 against the US dollar in early trade on Monday on the Interbank Foreign Exchange market on selling of the American currency by banks and exporters amidst strong local equities.

Besides, dollar’s weakness against other currencies overseas also supported the local unit, forex dealers said.

The rupee had appreciated by 16 paise to close at 59.17 per dollar on Friday on the back of a surge in local equities and heavy capital inflows.

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