Rupee gains 12 paise against dollar in early trade

Mumbai, Apr 13 (PTI) Rupee firms up by 12 paise to 66.31 against dollar at the Interbank Foreign Exchange on increased selling of the US currency by banks and exporters amid positive economic data.

Industrial production grew 2 per cent year-on-year in February after staying negative for the last 3 months, while retail inflation in March fell to a six-month low of 4.83 per cent.

Forex dealers said besides selling of the American unit, a higher opening in domestic equity market and continued foreign funds inflow supported the local currency.

However, dollar’s strength against some currencies overseas capped the rupee’s gain, they said.

The rupee had ended marginally higher by one paisa to close at 66.43 against dollar in yesterday’s trade.

Meanwhile, the benchmark BSE Sensex spurted by 372.19 points or 1.48 per cent to 25,517.78 in early trade.