The Indian rupee fell back after resuming stronger against the dollar and was quoted lower at 48.74/76 in late morning trade today amid poor attendance due to a new year holiday in overseas markets.

Dealers in foreign exchange market said the rupee traded with wider quotes in volatile trade this morning as several traders were sidelined due to a holiday in the world markets.

It had closed at 48.69/70 a dollar on December 31.

Dealers said rupee movements were influenced by dollar buying alternated by selling by exporters.

The Indian currency also drew support from higher trend in local stocks and some capital inflows into equity at the end of 2008.

Indian benchmark Sensex gained about 88 points or 0.91 per cent in early trade today.

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