Rupee gains 7 paise against US dollar in early trade

The Indian rupee strengthened by 7 paise to Rs44.76 per dollar at the Interbank Foreign Exchange today, supported by a higher opening in the stock market and dollar weakness against other Asian currencies.

The rupee had depreciated by 16 paise to close at Rs44.83/84 against the US currency in yesterday's trade on renewed dollar demand from banks and importers despite a weak dollar overseas.

Forex dealers said dollar weakness against other Asian currencies and a higher opening in the stock market helped the rupee's rise.

Meanwhile, the Bombay Stock Exchange Sensex was up by 130.76 points, or 0.69%, at 19,073.90 in opening trade today.