Rupee up 5 paise in early trade

The rupee edged higher marginally by 5 paise to 63.59 against the U.S. dollar in early trade on Friday on continued selling of the American currency by banks and exporters.

Forex dealers said that besides the sustained selling, dollar’s weakness against other currencies overseas, coupled with a higher opening in the domestic equity market, supported the rupee at the Interbank Foreign Exchange.

The local currency had surged 18 paise to 63.64 in Thursday’s trade on fresh selling of the dollar amid the latter’s weakness in overseas markets. Meanwhile, the benchmark BSE Sensex recovered 77.80 points, or 0.27 per cent, to 27,887.15 in early trade.