Rupee up 18 paise to 55.18/dollar

Influenced by rising trend in equity market, selling of dollar by exporters & banks

The rupee today appreciated by 18 paise to 55.18 against the dollar in early trade on the Interbank Foreign Exchange market, following a rising trend in the equity market and selling of the American currency by exporters and banks.

Dealers said a firming trend in the equity market and dollar selling by exporters and banks mainly supported the local unit.

Yesterday, the domestic currency had gained 28 paise to close at a one-week high of 55.36 against the dollar on the back of a surge in domestic stocks and dollar selling by exporters and banks.

Meanwhile, the BSE benchmark Sensex gained 165.24 points, or 1%, to 16,619.54 in early trade.