Extending its rising streak for the second day, the rupee appreciated by 6 paise against the US dollar to 68.54 in early trade today on increased selling of the American currency by exporters and banks amid higher domestic equity market. Forex dealers said besides sustained selling of the greenback, a higher opening of the domestic equity markets boosted the rupee at the interbank forex market.
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However, the dollar’s strength against some currencies overseas after the US job data reinforced investors’ expectations the Federal Reserve will gradually raise interest rates this year, capped the gains of the domestic unit.
On Friday, the rupee had gained 10 paise to end at 68.60 against the US dollar in line with a stellar rally in domestic equities despite ongoing global trade war jitters.
The benchmark BSE Sensex rose by 222.03 points, or 0.59 per cent, to hit its all-time high of 37,778.19 and NSE Nifty too scaled a new peak of 11,400 in early trade today.