Rupee up by 8 paise at 46.29 a dollar in early trade

The Indian rupee on Wednesday strengthened by 8 paise to 46.29 against the US currency in early trade, extending gains for the third straight day in line with firm Asian currencies.

At the Interbank Foreign Exchange (Forex) market, the local unit appreciated by 8 paise to 46.29 a dollar. The rupee ended 10 paise higher at 46.37/38 in yesterday’s choppy session.

Forex dealers said a weaker dollar overseas where the US currency fell to its lowest in seven weeks versus the yen mainly supported the Indian rupee.

They said dollar selling by banks was another factor behind firmness in Indian rupee.