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Rupee up 16 paise against dollar in early trade

Rupee up 16 paise against dollar in early trade

Mumbai: The rupee Wednesday extended gains for the fifth session in a row by appreciating 16 paise to 63.68 against the dollar in early trade at the Interbank Foreign Exchange market amid weakening US currency overseas.

The rupee had settled at 63.84 against the dollar yesterday and was up 140 paise over the previous day's close as fears of US military strike on Syria eased, leading to lower global oil prices.

Traders said besides decline in India's trade deficit, dollar selling by exporters and its weakening against other currencies overseas helped the rupee to maintain its rising streak.

India's exports rose to a two-year high of 13 per cent in August on account of improved global situation, enabling trade deficit to fall to a four-month low of USD 11 billion, aided by subdued gold imports.

Meanwhile, the BSE benchmark index Sensex fell by 156.98 points, or 0.79 per cent, to 19,840.11 in early trade.

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