The Indian rupee strengthened by 22 paise to 89.45 against the US dollar in early trade on Monday, supported by foreign fund inflows and a positive trend in domestic equity markets. Forex traders noted that steady corporate dollar inflows and Brent crude prices hovering near the USD 60 per barrel mark further buoyed investor sentiment.
At the interbank foreign exchange market, the rupee opened at 89.53 against the US dollar and gradually gained momentum to touch 89.45, marking a 22-paise rise from its previous close.
On Friday, the domestic currency had registered a sharp appreciation of 53 paise to settle at 89.67 against the US dollar.