Rupee strengthens by 11 paise against dollar in early trade

The rupee strengthened by 11 paise to 68.12 against the dollar in early trade at Interbank Foreign Exchange on increased selling of the US currency by exporters and banks amid a higher opening in the domestic equity market.

Forex dealers said besides selling of the American unit by exporters and banks, weakness in the US dollar against some other currencies overseas, supported the rupee.

Further, a higher opening in the domestic equity market influenced the rupee uptrend, they added.

On Friday, the rupee had recovered 7 paise to end at 68.23 per dollar on fresh selling of the American currency by banks and exporters in view of mild recovery in domestic equities.

Meanwhile, the BSE Sensex surged by 312.46 points or 1.35 to 23,298.58 in early trade.