Rupee gains against dollar after Moody's India upgrade

MUMBAI: The rupee strengthened by 10 paise at 62.16 against the US dollar in early trade today at the Interbank Foreign Exchange after rating agency Moody's upgraded India's outlook from stable to positive.

Besides, selling of the American currency by exporters and banks and a higher opening in domestic stock market supported the rupee but the dollar's strength against other currencies overseas limited the gains, forex dealers said.

The rupee had ended marginally higher by two paise at 62.24 against the American currency in yesterday's trade due to weakness of the Greenback in international markets.