Increased selling of the dollar by banks and exporters amid sustained foreign capital inflows supported the rupee, dealers said.
Besides, a strong rally in domestic equity market in opening trade and the euro's gain against the dollar overseas also helped the rupee, they added.
The rupee rose 50 paise to 58.79 to end at 11-month high against the dollar on Friday.
Meanwhile, the benchmark BSE Sensex rose 275.82 points, or 1.14 per cent, to trade at 24,397.56 in opening trade. The index was trading 204 points higher at 24,326.16 at 1.10 pm.