Mumbai: The rupee edged higher by one paisa at 62.35 against the dollar in early trade today at the Interbank Foreign Exchange after the American currency weakened overseas amid a higher opening in the domestic equity market.
Forex dealers said besides selling of the American currency by exporters and banks, weakness in the dollar against other currencies on worse-than-expected US industrial production data, supported the rupee. Further, a higher opening in the domestic equity market influenced the rupee uptrend, they added.
The rupee had ended 15 paise higher at 62.36 against the American currency yesterday on fresh selling by banks and exporters on the back of lower dollar in overseas markets. Meanwhile, the benchmark BSE Sensex recovered by 76.54 points, or 0.27 per cent, at 28,876.23 in early trade.
