Re rebounds; appreciates 22 paise to 48.90/$

The Indian rupee appreciated 22 paise against the US currency today in early trade after ending at a five-week low of 49.12/14 yesterday.

At the Interbank Foreign Exchange (Forex) market, the domestic currency traded higher at 48.90 against the US currency, a rise of 22 paise over the previous close of 49.12/14 a dollar.

Yesterday, the rupee lost 29 paise to touch more than a month low of 49.12/14 a dollar.

Dealers said dollar selling by banks, firming Asian equity markets and expectations of Indian markets opening higher helped the rupee to rebound.