MUMBAI: The rupee opened on a strong note and rose 17 paise to 68.86 against the US dollar in early trade on Monday.
At the interbank foreign exchange, the rupee opened on strong at 68.96, then gathered momentum and rose to a high of 68.86 against the US dollar, showing 17 paise gain over its previous closing.
The local unit, however, pared some gains and was quoted at 68.89 against the American currency at 0947 hrs.
On Friday, the rupee had settled at 69.03 against the US dollar.
According to provisional exchange data, foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 513.91 crore on Friday.
Brent crude futures, the global oil benchmark, rose 2.60 per cent to trade at USD 66.42 per barrel.
Domestic bourses opened on a bullish note on Monday with benchmark indices Sensex trading 237.78 points higher at 39,632.42 and Nifty up 67.05 points at 11,855.90.
With inputs from PTI