Mumbai: The rupee strengthened by 11 paise to 63.55 against the dollar in opening trade today on fresh selling of the US currency by exporters and banks.
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Forex dealers said a weak dollar in overseas markets on fears that a huge amount of foreign demand for American currency would dry up bolstered the rupee.
Yesterday, the rupee had settled lower by 6 paise at 63.66 on fresh bouts of demand for the American currency. Meanwhile, the benchmark BSE Sensex rallied by 134.93 points, or 0.39 per cent to hit yet another record high of 34,638.42 in opening trade today.
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