Strengthening of euro and yen against the dollar in overseas market also supported the rupee.
Mumbai: The rupee on Monday gained six paise to 54.31 against the dollar in early trade at the Interbank Foreign Exchange market on increased selling of the US currency by exporters.
Strengthening of euro and yen against the dollar in overseas market and a higher opening in the equity market also supported the rupee, forex dealers said. The rupee had lost 15 paise to close at 54.37 on Friday on month-end dollar demand from importers and heavy capital outflows, amid weak local stocks.
Meanwhile, the BSE benchmark Sensex rose by 50.48 points, or 0.26 per cent, to 19,337.20 in early trade on Monday.
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