Rupee strengthens by 2 paise against dollar in early trade

Mumbai: The rupee advanced by 2 paise to 66.71 against the US dollar in early trade, extending its upward journey for the seventh straight day at the Interbank Foreign Exchange on increased selling of the American currency by exporters and banks.

Forex dealers said sustained foreign fund inflows also supported the rupee but a weak opening of the domestic equity market and dollar’s strength against other currencies overseas, limited the gains.

They said, however, traders stayed cautious ahead of GST debate in the Rajya Sabha later in the day today.

The rupee closed marginally up by 1 paisa at 66.73 a dollar in yesterday’s trade. Meanwhile, the benchmark BSE Sensex fell by 108.55 points, or 0.39 per cent, to 27,873.16 in early trade.