The Indian rupee appreciated by 15 paise against the $ in early trade today on expectations of capital inflows after firm domestic stock markets.     

At the Interbank Foreign Exchange (Forex) market, the domestic currency was quoted at 48.39 a $, a gain of 15 paise over the previous close of 48.54/55.     

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Dealers said hopes of fresh capital inflows by foreign funds and $ selling by banks helped rise against the US currency.     

However, $ gains against other major currencies, capped the rupee surge to some extent.

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