Rupee up by 16 paise against US dollar in early trade

Mumbai: The rupee firmed up 16 paise to 67.89 against the dollar today after the US currency saw higher selling by exporters and banks amid a higher opening in the domestic stock market.

Forex dealers said weakness in the greenback against other currencies overseas gave the rupee some relief.

Further, a higher opening in the domestic equity market gave the uptrend some momentum, they added.

On Wednesday, the domestic unit ended higher by 28 paise at 68.05 following a fresh bout of dollar selling.

Meanwhile, the benchmark BSE Sensex rose 171.39 points, or 0.64 per cent, to 26,804.52, in early session today.