Indian rupee gains 37 paise against US dollar after the American currency weakened

The Indian rupee appreciated by 37 paise to 62.12 against the US dollar. (Reuters)

The Indian rupee appreciated by 37 paise to 62.12 against the US dollar in early trade today at the Interbank Foreign Exchange after the American currency weakened overseas amid a higher opening in the domestic equity market.

Forex dealers said that besides selling of the American currency by exporters and banks, weakness in the dollar against other currencies on disappointing jobs data supported the rupee.

Further, a higher opening in the domestic equity market influenced the rupee uptrend, they added.

The rupee had ended 18 paise higher at 62.49 against the American currency on Tuesday on selling of dollars by banks and exporters on expectation of resumption of foreign capital inflows into equity market.

Forex market last week remained closed on April 1, 2 and 3 for ‘Annual account closing’, ‘Mahavir Jayanti’ and ‘Good Friday’ respectively.

Meanwhile, the benchmark BSE Sensex rose sharply by 107.44 points, or 0.38 per cent, to 28,367.58 in early trade today.