The Indian rupee appreciated by 22 paise at 48.74 in early trade today, extending gains on increased dollar sales by exporters amid expectations of fresh capital inflows by funds as market may open higher in tandem with firming trends on the other Asian equity markets.     

Dollar's weakness against major currencies also supported the rupee to some extent.     

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Forex dealers said rupee's rise against the dollar was mainly because of an impressive bounce-back in equity markets, which raised hopes of fresh capital inflows by foreign funds.

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