Mumbai: The rupee strengthened by 6 paise to 64.67 against the dollar at the forex market on Monday on fresh selling of the American currency by exporters and banks amid strength in domestic equities.
Dealers said dollar’s weakness against other currencies overseas and early gains in domestic equity markets supported the rupee.
On Friday, the rupee had gained 31 paise to end at 64.73 against the US dollar.
The dollar eased after climbing Friday on the back of the comments from the US Fed cementing expectations of more aggressive US rate hikes this year.
The euro’s gains, however, are being tamed by uncertainty ahead of elections in Italy, one of the eurozone’s biggest economies.
Meanwhile, the benchmark BSE Sensex rose by 133.78 points, or 0.39 per cent, to 34,275.93 in opening trade on Monday.
According to the provisional exchange data, foreign investors sold shares worth Rs 486.32 crore on net basis on Friday.