Mumbai:  The rupee rose by 5 paise to trade at fresh one-month high of 55.02 against the American currency in early trade on Wednesday at the Interbank Foreign Exchange on persistent dollar selling by exporters and some banks.

Forex dealers said a higher opening in the equity market buoyed by Finance Minister P Chidambaram's promise of bringing the economy back on track, also supported the rupee.

The rupee had strengthened by 45 paise to close at a one-month high of 55.07 against the dollar in Tuesday’s trade, tracking a jump in local shares.

The domestic currency has appreciated by 77 paise in the past three days.

Meanwhile, the BSE benchmark index Sensex rose by 65.02 points, or 0.37 percent, to 17,666.80.

(Agencies)

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