Rupee strengthens 14 paise against dollar in early trade

Mumbai: The rupee appreciated by 14 paise to 65.13 against the US dollar in early trade at the Interbank Foreign Exchange market on increased selling of the American currency by exporters. Forex dealers said a weakening dollar against other currencies overseas after surprisingly bearish minutes from the US Federal Reserve’s last meeting dampened hopes for an imminent interest rate hike.

A higher opening in the domestic equity markets also supported the rupee, they said. The rupee had closed 4 paise higher at 65.27 against the US dollar yesterday despite plunging to fresh two-year low in early trade amid global currency volatility. The benchmark BSE Sensex rose by 29 points, or 0.10 per cent, to 27,960.64 in volatile trade.