Mumbai: The rupee gained 10 paise against the US dollar to trade at 63.98 in early session on selling of the US currency by exporters and banks.
The dollar was weak against major currencies in global markets which supported the local currency, a currency dealer said. Domestic stock markets opening higher too bolstered the rupee sentiment.
The rupee opened higher by 3 paise at 64.05 a dollar against previous close of 64.08 a dollar. It moved in range of 64.06 a dollar to 63.95 a dollar in early trade before quoting at 63.98 at 0945 hrs.
In global markets, the dollar fell against the British pound, Japanese yen and the euro as traders were cashing in recent gains fuelled by Donald Trump’s tax cuts.
On Thursday, the rupee had made an impressive recovery after an early jolt and closed 7 paise higher at 64.08 against the US currency on fresh bouts of dollar selling from exporters and banks.
Meanwhile, the benchmark BSE Sensex recovered by 110.26 points, or 0.32 per cent, at 33,958.29 in early trade on Friday.