Rupee gains 15 paise to 75.30 against US dollar at start of trade
However, soaring crude prices in the international market and uninterrupted outflows of foreign capital have limited the rise of the rupee, traders said.
In the interbank forex market, the rupee opened strongly at 75.31 and edged up to quote 75.30 against the US dollar in early trades, registering a 15 paise rise since the last close.
In the previous session, the rupee stood at 75.45 against the greenback.
On the national stock market front, the 30-stock Sensex was trading 621.19 points or 1.09% higher at 57,368.33, while the wider NSE Nifty rose 190.00 points or 1.12 % at 17,102.25.
The dollar index, which measures the strength of the greenback against a basket of six currencies, fell 0.09% to 96.24.
Global benchmark Brent crude oil futures rose 0.74% to $ 73.62 per barrel.
Foreign institutional investors remained net sellers in the capital market on Monday as they got rid of shares worth Rs 3,361.28 crore, the exchange data showed.
Meanwhile, the Indian economy is showing strong signs of recovery from the ravages of the pandemic, with a recovery being reported in 19 of 22 economic indicators from pre-Covid levels.