Rupee surges to 4-month high

Extending its rising streak for the fourth straight day, the rupee appreciated by 51 paise to trade at nearly four-month high of 60.90 against the dollar in early trade on Monday on sales of the US currency by banks and exporters and sustained foreign capital inflows.

Besides, a higher opening in the domestic equity market and strengthening of other currencies against the dollar overseas, also supported the local currency, forex dealers said.

The rupee had gained 34 paise to close at five-week high of 61.41 against the dollar on Friday.