Rupee rises 16 paise to 71.74 against US dollar

The rupee appreciated by 16 paise to 71.74 against the US dollar in early trade on Monday at the interbank foreign exchange, amid weakness in the greenback against some currencies overseas and a higher opening of domestic equities.

Forex traders said, increased selling of the American currency by exporters and banks and sustained foreign fund inflows also supported the domestic currency.

At the interbank forex market, the rupee opened higher at 71.84 and rose further to quote at 71.74, showing a rise of 16 paise over its previous close.

On Friday, the rupee fell by 22 paise against the dollar to close at 71.90.