Rupee gains 7 paise to 62.78 against dollar in early trade

Mumbai: The rupee rose by seven paise at 62.78 against the US dollar in early trade on Wednesday at Interbank Foreign Exchange on sustained selling of the American currency by exporters.

The domestic currency had ended six paise higher at 62.85 against the Greenback on dollar selling by banks after falling to over three-month low of 63.15 in yesterday's trade.

Forex dealers said besides increased selling of the US currency by exporters, a higher opening in the domestic equity market supported the rupee but the dollar's strength against other currencies overseas, capped the gains.

Meanwhile, the benchmark BSE Sensex rose 151.62 points, or 0.54 per cent, at 27,827.66 in early trade today.