Mumbai: The rupee strengthened by 12 paise at 62.34 against the US dollar in early trade today at the Interbank Foreign Exchange market on increased selling of the American currency by exporters.
Forex dealers said besides higher opening in domestic equity market, a weakening dollar against other currencies overseas after the US Federal Reserve dampened expectations for an early interest rate hike, supported the rupee.
The rupee had closed higher by six paise at 62.
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