Rupee edges up against dollar in early trade

Mumbai: Continuing its rise for the fifth straight day, the rupee edged higher by 5 paise to 58.54 against the US dollar in early trade on sustained capital inflows amidst selling of the American currency by banks. In the last four trading sessions, the rupee has gained 146 paise.

Forex dealers said sustained foreign capital inflows after a clear mandate for the BJP to form a stable government at the Centre boosted the sentiment. They added that a higher opening in the domestic equity market also supported the rupee but dollar's gain against some of its rivals overseas limited the domestic currency's gains.

Meanwhile, the benchmark BSE Sensex gained 224.11 points, or 0.91 per cent, to 24,587.16 in early trade.