The Indian rupee rose by 16 paise to 62.28 against the dollar in early trade today at the Interbank Foreign Exchange.The rupee had lost three paise to close at 62.44 against the dollar on Friday.

Forex dealers said increased selling of the US currency by exporters, a higher opening in the domestic equity market and strengthening of euro and yen against the dollar overseas also supported the rupee. The economy grew by a higher-than-expected 4.8 per cent in the September quarter.

Meanwhile, the BSE Sensex rose 70.67 points, or 0.34 per cent, to 20,862.60 in early trade today.