Rupee up 7 paise against dollar in early trade

Extending its rising streak for the second session, the rupee strengthened by seven paise to trade at a fresh two-week high of 60.69 against the U.S. dollar in early trade on Tuesday amid sustained foreign capital inflows.

Increased selling of dollars by banks and exporters amid soaring equity markets on heavy buying by foreign investors also supported the rupee, dealers said.

Besides, easing global crude prices also helped the rupee but the dollar’s strength against other currencies overseas capped the rise, they added.

The rupee rose by 45 paise, its best single-day gain in three months, to end at two-week high of 60.76 against the dollar on Thursday.

Forex market remained closed on Friday and Monday on account of Independence Day and Parsi New Year respectively.

Meanwhile, the benchmark BSE Sensex surged 129.77 points, or 0.49 per cent, to trade at a new lifetime high of 26,520.73 in opening trade.