Mumbai: Rupee strengthened by 38 paise to 66.87 against the US dollar in early trade at the Interbank Foreign Exchange market on increased selling of the American currency by exporters amid foreign fund inflows.
Weakness in dollar against other currencies overseas after last week's disappointing US jobs data reduced the chances of an interest rate hike and a higher opening in the domestic equity market supported the rupee, forex traders said.
On Friday, the rupee had gained 4 paise to close at 67.25 against the US dollar in highly volatile trade.
The benchmark BSE Sensex was quoting 58.39 points, or 0.21 per cent, at 26,901.42 in early trade on Monday.
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