The rupee strengthened by 23 paise to 64.94 against the US dollar at the interbank forex market today on fresh selling of the greenback by exporters and banks amid foreign capital inflows.
Dealers said dollar's weakness against a basket of currencies despite strong US jobs report data and early gains in domestic equity markets supported the rupee.
On Friday, the rupee had lost 3 paise to end at 65.17 against the US dollar.
Meanwhile, the benchmark BSE Sensex rose by 301.55 points, or 0.90 per cent, to 33,608.69 in opening trade today.
According to the provisional exchange data, foreign investors bought shares worth Rs 550.36 crore on net basis on Friday.
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