Indian Rupee gains 2 paise against US dollar

Mumbai: The rupee rose marginally by 2 paise to 54.75 against the US dollar in early trade on the Interbank Foreign Exchange on Monday as the American currency weakened against other currencies overseas as hopes faded that a deal could be reached to avert the fiscal cliff in the US.

Besides, a higher opening in the domestic equity market on foreign funds inflows also supported the rupee, traders said.

The rupee had gained 17 paise to close at one-week high of 54.77 against the dollar on fresh selling of the US currency by exporters and capital inflows in the previous session on Friday.

Meanwhile, the Bombay Stock Exchange's benchmark index Sensex rose by 27.07 points, or 0.14 per cent, to 19,471.91 in opening trade on Moday.