Re snaps one-week losing streak, up by 11 paise vs $

Snapping its one-week losing streak, the Indian rupee gained by 11 paise to 48.08/09 against $ on expectations of fresh capital inflow from foreign funds in equity markets and a slight weakness in the US currency overseas.

The domestic unit opened higher 48.17/18 against yesterday's close of Rs 48.19/20 per $ and firmed further to end at Rs 48.08/09 a $, showing a net gain of eleven paise.

The Indian rupee hovered in a range of Rs 48.27 per $ and Rs 48.07 per $ during the day.

It had dropped by 95 paise or 2.01 per cent in the last seven days.

Asian stock markets also ended higher today after Dow and S&P 500 gained on Thursday, breaking a three-day losing streak, as data on job markets and regional manufacturing revived hopes that the recession-hit economy is stabilising.

Global crude oil prices rose to $72 a barrel today, gaining for a third day, suppported by views at equity markets that the economy may be stabilising.