Rupee strengthens 27 paise against dollar in early trade

Rising for the fifth day in a row, the rupee appreciated by 27 paise to trade at 65.24 against the US dollar in early trade on Monday at the Interbank Foreign Exchange on increased selling of American currency by exporters.

A fall in dollar against major world currencies globally, after a weak US jobs data fuelled speculation that the world’s largest economy is not ready for an interest rate hike any time soon, also helped the rupee gain strength, dealers said.

Besides, increased selling of dollar by exporters and banks and a higher opening in the domestic equity market supported the rupee, they added.

The rupee had advanced 7 paise to end at 65.51 against dollar on Thursday on selling of dollar by banks and exporters on hopes of more foreign capital inflows into equity market.

Forex market remained closed on Friday on account of “Gandhi Jayanti”.

Meanwhile, the benchmark BSE Sensex spurted by 371.33 points, or 1.42 per cent, to at 26,592.28.