Mumbai: The rupee rose by 8 paise to Rs 50.23 per US dollar in early trade on the Interbank Foreign Exchange on Monday on dollar selling by exporters.

Dealers said selling of dollars by exporters and euro's gain against the US currency in overseas markets strengthened the rupee.

However, weak equity market capped the gains.

The rupee weakened by six paise to close at Rs 50.31/32 per US dollar in the previous session on Friday on fresh dollar demand from importers.

Meanwhile, the BSE benchmark Sensex was down by 79.69 at 16,659.32 in early trade.