Rupee gains 12 paise against dollar in early trade on Monday

The rupee strengthened by 12 paise at 62.34 against the US dollar in early trade on Monday at the Interbank Foreign Exchange market on increased selling of the American currency by exporters.

Forex dealers said besides higher opening in domestic equity market, a weakening dollar against other currencies overseas after the US Federal Reserve dampened expectations for an early interest rate hike, supported the rupee.

The rupee had closed higher by six paise at 62.46 in the previous session on Friday on sustained selling of dollars, wrapping up its best weekly performance in about two months.

The benchmark BSE Sensex recovered by 108.64 points, or 0.38%, at 28,369.72 in early trade on Monday.