Rupee at four-month high, rises by 26 paise to 47.25 a dollar

The Indian rupee strengthened by 26 paise to hit a four-month high of 47.25 against the US currency in opening trade on Monday on increased dollar selling by exporters amid expectations of fresh capital inflows by foreign funds.

The dollar’s weakness against major currencies also supported the Indian rupee.

At the Interbank Foreign Exchange (Forex) market, the domestic unit gained 26 paise to quote at 47.25 a dollar, a level not seen since June 5.

The rupee closed 23 paise higher at 47.51/52 in the previous session.

Dealers said increased dollar selling by exporters supported the rupee.