Rupee gains 16 paise against US dollar in early trade

Mumbai, Nov 14: The Indian rupee appreciated by 16 paise to Rs 49.96 per US dollar in early trade on the Interbank Foreign Exchange today (nov 14), supported by gains registered by other currencies against the American dollar and a rebound in the domestic stock market.

Dealers said dollar weakness against the euro and other currencies overseas and gains recorded by the domestic bourses in opening trade today influenced the rupee sentiment.

The rupee had closed 5 paise higher at Rs 50.12 against the US currency in Friday's trade on fag-end selling of dollars by banks and exporters after the greenback weakened in overseas markets. Meanwhile, the BSE benchmark Sensex rebounded by 199.17 points, or 1.15 per cent, to 17,391.99 in opening trade today.

PTI