Extending the winning run to the fifth straight session, the rupee rose by 23 paise to settle at 85.15 against the US dollar on Monday, boosted by a sharp fall in the greenback in overseas markets and a rally in domestic stocks.
The US dollar index has fallen below the 99 mark and is trading at its lowest level in three years. Moreover, fresh foreign fund inflows and decline in crude oil prices also favoured the rupee, forex traders said.
At the interbank foreign exchange, the domestic unit opened at 85.15 and later moved between 85.03 and 85.19 against the greenback during the session.
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