Rupee rises 32 paise to hit fresh 11-month high against US dollar

Extending its rising streak for the fourth straight session, the rupee today jumped by another 32 paise to trade at a fresh 11-month high of 58.47 against the US dollar in early trade on sustained foreign capital inflows after the BJP-led NDA swept the Lok Sabha elections.

Increased selling of the dollar by banks and exporters amid sustained foreign capital inflows supported the rupee, dealers said. Besides, a strong rally in domestic equity market in opening trade and the euro's gain against the dollar overseas also helped the rupee, they added.

The rupee rose 50 paise to 58.79 to end at 11-month high against the dollar on Friday. Meanwhile, the benchmark BSE Sensex rose 275.82 points, or 1.14%, to trade at 24,397.56 in opening trade.