Mumbai : The rupee appreciated by 23 paise to 51.17 against the US dollar in early trade on Friday on the Interbank Foreign Exchange market as the American currency fell against the euro and other currencies overseas.

Besides gains in euro and other currencies against the US dollar, a higher opening in the equity market and dollar selling by exporters supported the rupee, dealers said.

The rupee had plunged by 62 paise to close at almost 11-week low of Rs 51.40/41 in Thursday’s trade against the dollar on sustained demand for the US currency from importers.