Mumbai: The rupee surged by 8 paise to 69.38 against the US dollar in opening trade Monday, driven higher opening in domestic equities.
Forex dealers said, the local currency also gained strength amid the weakening of the greenback in overseas markets.
However, rising crude oil prices and sustained foreign fund inflows weighed on the domestic currency and restricted the upward spree of the rupee.
The rupee opened at 69.40 at the interbank forex market then gained further ground and touched 69.38 amid a positive opening in domestic equities, displaying gains of 8 paise over its last close.
On Friday, the domestic unit had settled at 69.46 to the US dollar.
Furthermore, Brent crude futures, the global oil benchmark, rose 0.51 percent to S63.61 per barrel.
Meanwhile, the benchmark BSE Sensex was trading higher by 268.04 points, or 0.68 % to quote at 39,885.74 while the NSE Nifty was trading at 11,943.10, higher by 72.45 points, or 0.61 %.
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Ms Kalinga