Extending its rising streak for the fifth straight day, the rupee appreciated by 15 paise to trade at 60.98 against the dollar in early trade today on persistent selling of the American currency by banks and exporters on hopes of more foreign capital inflows.
The upward movement also saw the rupee regain its four month high level after it trimmed the gains in late trade yesterday.
Bankers and exporters preferred to reduce their dollar position as the strengthening of other currencies against the American currency overseas also supported the rupee, forex dealers said.
The rupee had gained 28 paise to close at 61.13 yesterday, boosted by stocks that climbed to a record high after Bharatiya Janata Party won three out of four state assembly elections.
Meanwhile, the BSE benchmark index Sensex fell 49.33 points, or 0.23%, to 21,277.09 in early trade today.