Press Trust of India / Mumbai May 29, 2009, 10:35 IST
The Indian rupee today appreciated by nine paise against the $ in early trade, on the back of losses in the US unit against major currencies and hopes of an increased capital inflow by foreign funds as market may open higher.
At the Interbank Foreign Exchange (Forex) market, the local currency, which had gained 10 paise at 47.60/62 yesterday, strengthened by nine paise to 47.51.
Forex dealers said the US currency's weakness against other currencies and continued capital flows by foreign funds into the country on prospects of political stability after the Congress-led UPA Government returned to power, mainly supported the rupee.
They said, however, month-end $ demand from importers and refiners, capped rupee's gain to some extent.
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