Rupee up 11 paise against dollar in early trade

The rupee gained 11 paise to 62.25 against the dollar in early trade on Wednesday, maintaining its uptrend for the fifth straight day at the Interbank Foreign Exchange market on continued selling of the US currency by exporters.

Forex dealers said dollar's weakness against other overseas currencies, after US Federal Reserve chief Ben Bernanke indicated the bank's stimulus programme would remain in place until the economy is back on track, also supported the rupee.

However, a lower opening in the equity market capped the rupee's gain, they said.

The rupee had gained 5 paise to close at 62.36 against the dollar in yesterday's trade on selling of the US currency by banks and exporters amid foreign capital inflows into the equity market.

Meanwhile, the BSE benchmark index Sensex fell by 28.04 points, or 0.13 per cent, to 20,862.78 in early trade today.

Keywords: rupee, dollar , Interbank Foreign Exchange, market , US currency,exporters,Forex dealers , currencies,US Federal Reserve chief ,Ben Bernanke , bank, economy,Business news