Extending its gains for the seventh day in a row, the rupee strengthened by 9 paise to 66.24 against the US dollar in early trade today at the Inter-bank Foreign Exchange on continued selling of the American currency by exporters and banks amid fresh foreign funds inflows.
Besides selling of the US currency by exporters and banks, a higher opening in domestic stock markets and the dollar's weakness against some currencies overseas helped, forex dealers said.
The rupee had gained 2 paise to close at 66.33 against the US dollar in yesterday's trade on persistent selling of dollars by banks and exporters on hopes of resumption of foreign capital inflows. Meanwhile, the benchmark BSE Sensex climbed 209.87 points, or 0.82 per cent, at 25,800.52 in early trade.
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