The rupee appreciated by 22 paise to trade at almost 10-month high of 59.46 against the US dollar in early trade today at the Interbank Foreign Exchange market on continued foreign capital inflows after exit polls projected NDA will form the next government at the Centre.
Besides, increased dollar selling by exporters and a higher opening in the domestic equity market and strengthening of other currencies against the American currency overseas also supported the rupee.
The rupee had surged 37 paise to end at a nine-month high of 59.68 against the dollar on Tuesday. Forex market remained closed yesterday for "Buddha Purnima".
Meanwhile, the benchmark BSE Sensex recovered by 151.78 points, or 0.64 per cent, to 23,966.90 in early trade today.