Rupee rises by 26 paise in opening trade

The Indian rupee rose to a new one-month high after gaining 26 paise against the US currency in the opening trade today as exporters sold dollar, which weakened against major currencies.

At the Interbank Foreign Exchange (Forex) market, the domestic unit gained 26 paise at 47.97 a dollar over the previous close.

On Wednesday, the rupee closed 40 paise higher at 48.23/24.

Dealers attributed persistent rise in the rupee to strong rally in equities.

The BSE benchmark Sensex climbed to a 16-month high in Wednesday’s trade.

They said weak dollar against euro and some other currencies and dollar selling by exporters and also boosted the rupee sentiment.