Rupee strengthened by 9 paise in two-month high against US dollar

The rupee strengthened by 9 paise to quote at fresh two-month high of 66.34 against the US dollar in early trade Thursday on increased selling of the American currency by exporters and banks amid a higher opening in the domestic equity market.

Forex dealers said weakness in the dollar against some other currencies overseas also supported the rupee. Further, a higher opening in the domestic equity market gave the uptrend some momentum, they added.

Yesterday, the domestic unit ended higher by 19 paise at two-month high of 66.43 against the US dollar even as stock markets plunged after government’s drive against black money and Donald Trump’s win in the US presidential polls. Meanwhile, the benchmark BSE Sensex rose 390.04 points, or 1.43 per cent, to 27,642.57 in early session Thursday.