The Indian rupee today appreciated by 23 paise to a two-week high against the $ in early trade on expectations of increased capital inflows by foreign funds following firm Asian stock markets.

At the Interbank Foreign Exchange (forex) market, the domestic currency was quoted at 47.87 a $, a gain of 23 paise over the previous close. Rupee ended steady at 48.10/11 against the US currency yesterday.

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The US currency weakened against other Asian currencies which supported the rupee trend, they added.

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