MUMBAI: The rupee on Monday strengthened by 90 paise to trade at four-week high of 62.58 against the dollar at the Interbank Foreign Exchange market on increased capital inflows and dollar selling by exporters.
The rupee had settled at 63.48 against the dollar on Friday, up marginally by two paise over previous day's close.
Traders said apart from selling of the American currency by exporters and banks, a higher opening at the domestic equity market and dollar's weakness against other overseas currencies, after Larry Summers, the man tipped to be named Ben Bernanke's successor as Fed chairman, withdrew from the race, also supported the rupee.
Meanwhile, the BSE benchmark sensex soared by 293.30 points, or 1.49%, to 20,026.06 in early trade today.
The rupee had settled at 63.48 against the dollar on Friday, up marginally by two paise over previous day's close.
Traders said apart from selling of the American currency by exporters and banks, a higher opening at the domestic equity market and dollar's weakness against other overseas currencies, after Larry Summers, the man tipped to be named Ben Bernanke's successor as Fed chairman, withdrew from the race, also supported the rupee.
Meanwhile, the BSE benchmark sensex soared by 293.30 points, or 1.49%, to 20,026.06 in early trade today.