Moving in line with the stock market, the Indian rupee gained by another 26 paise to 44.25 against the American currency in the early trade on persistent selling of dollars by banks and exporters due to weakness of dollar in overseas market.
At the Interbank Foreign Exchange (Forex) market, the local unit opened strong at 44.25/26 per dollar from its last close of 44.51/52 per dollar. IT moved in a range of 44.25 per dollar and 44.36 per dollar before quoting at 44.31/32 at 0930 hours.
The US dollar declined further against the Euro, British Pound and other major currencies in the New York yesterday on indication that Federal Reserve policy makers are ready to implement another round of money-creating stimulus. The Indian benchmark sensex shot up further by 100 points or 0.48 per cent in the early trade.