Rising for the fourth straight day, the rupee climbed 21 paise to a three month high of 69.64 against the US dollar in early trade due to weakening of dollar against other currencies overseas and a strong domestic equity market.
Forex traders said increased selling of the American currency by exporters and banks and sustained foreign fund inflows also supported the domestic currency.
The rupee opened strong at 69.68 against the previous close of 69.85 at the interbank forex market today. It further strengthened to 69.64, showing a rise of 21 paise over its previous close. On Thursday, the rupee had vaulted 77 paise to a three-month high of 69.85 per US dollar.
The local unit also gathered momentum due to softening of crude oil prices, which slipped below the $60 per dollar mark, due to concerns over supply glut. Globally, Brent crude, the international benchmark, was trading 0.42 per cent up at $59.76 per barrel.
Meanwhile, on a net basis, foreign funds had bought shares worth Rs 823.47 crore, while DIIs purchased share to the tune of Rs 973.31 crore on Thursday.
The benchmark BSE Sensex gained over 150 points and the NSE Nifty began the December derivatives series by hitting the 10,900 mark in early trade on positive cues from other Asian bourses ahead of the two-day G20 Summit. The 30-share index rose 175.75 points, or 0.49 per cent, to 36,346.16, and the Nifty breached the 10,900 mark, by gaining 50.45 points, or 0.46 per cent, to 10,909.15.