The rupee appreciated against the US dollar in opening trade on Monday, even as economists weighed the fiscal impact of India's steps to control inflation in the economy.
At the interbank foreign exchange, the rupee opened stronger at 77.69 against the American dollar, then gained some more ground to quote at 77.66, registering a rise of 4 paise over previous close. The currency had settled at a record low of 77.70 against the American currency on Friday.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.42% lower at 102.71.
On the domestic equity market front, the 30-share Sensex was trading 166.35 points or 0.31% higher at 54,492.74, while the broader NSE Nifty gained 30.70 points or 0.19% to 16,296.85. Global oil benchmark Brent crude futures surged 0.52% to $113.14 per barrel.
On Saturday, central government reduced excise duty on petrol and diesel alongside a series of steps intended to bring down inflation. It will also set aside more funds to subsidise fertilisers and gas cylinders to reduce the impact of higher prices.
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