Mumbai, July 16: The rupee rose by 37 paise to trade at fresh one-week high of 54.78 against the US dollar in early trade today at the Interbank Foreign Exchange market on increased dollar selling by banks and exporters.
Forex dealers said besides dollar selling by exporters, a higher opening in local stock market and easing of concerns over slowing growth in the world's second-largest economy after Chinese data released on Friday, supported the rupee.
The rupee had ended 79 paise higher to close at 55.15 against the US currency in the previous session on Friday.
Meanwhile, the BSE benchmark index Sensex recovered by 68.60 points, or 0.39 per cent, to 17,282.30.
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