Persistent selling of the American currency by exporters and bank supported the rupee
Continuing its good run for the sixth day at a stretch, the rupee appreciated by 3 paise to 66.43 against the US dollar in early trade today at the Interbank Foreign Exchange on continued selling of the greenback by exporters and banks amidst higher opening in the domestic equity market.
Forex dealers said that besides persistent selling of the American currency by exporters and banks, the dollar's weakness against peers overseas supported the rupee. Most of the Asian currencies were trading higher on Thursday.
The Organisation of Export Producing Countries (OPEC), at its meeting in Algiers, on Wednesday, had agreed to cap oil production for the first time since 2008, amid pressure from declining oil prices. OPEC leader Saudi Arabia also softened its stance against rival Iran which lifted global sentiments.