Hitting a positive note for the sixth session, the rupee today strengthened by another 24 paise to 67.63 against the dollar early on after banks and exporters continued to cut back on the US currency.

Dealers said dollar’s weakness against a basket of other currencies overseas gave the domestic currency more muscle.   Moreover, a higher opening in the domestic equity market provided some support.

The rupee had gained 8 paise to close at one-month high of 67.87 against the US currency yesterday on sustained selling of the dollar by exporters and banks ahead of the Union budget to be presented today.   Meanwhile, the benchmark BSE Sensex rose 64.15 points, or 0.23 per cent, to 27,720.11 in early deals.

Source: thehindu.com