The Indian rupee gained by eight paise to Rs. 45.08 per U.S. dollar in early trade on Monday due to sustained selling of dollars by banks and exporters and firm domestic equity markets.
At the Interbank Foreign Exchange, the domestic unit opened higher at 45.11/12 per dollar from last Friday’s closing level of 45.16/17 per dollar and moved up further to 45.08 before quoting at 45.13/14 per dollar at 10.30 a.m.
It hovered in a range between 45.08 and 45.20 per dollar in morning deals.
Sustained selling of dollars by banks and exporters and firm equity markets mainly boosted the rupee value against the dollar, a forex dealer said.
The U.S. dollar rose against most major counterparts on Monday, getting a lift against the euro in particular as investors awaited the results of a review of Greece’s fiscal progress.
The Bombay Stock Exchange benchmark Sensex was up by 25.28 points at 18,291.38 at 10.15 a.m.
Meanwhile, oil was lower in Asian trade today amid fresh concerns over Europe’s sovereign debt woes, analysts said. New York’s main contract, light sweet crude for July delivery, lost eight cents to $100.51 a barrel.
