The rupee strengthened by 9 paise to 61.60 against the U.S. dollar in early trade on Wednesday, extending its rising streak for the fifth straight day at the Interbank Foreign Exchange on selling of the U.S. currency by exporters and banks.
The rupee settled two paise higher at 61.69 against the dollar in Tuesday’s trade with banks and exporters selling the U.S. currency amid sustained capital inflows in view of strong equity markets.
Traders said besides selling of the American currency by exporters and banks, continued foreign fund inflows and a higher opening in the domestic equity market helped the local currency to strengthen.
Besides, dollar’s weakness against other currencies overseas supported the rupee.
Meanwhile, the benchmark BSE Sensex soared by 75.24 points, or 0.26 per cent, to trade at a new high of 28,859.91 early trade.
