Rupee recovers, rises 18 paise vs $

The Indian rupee appreciated by 18 paise against the US currency in early trade today on expectations of fresh capital inflows by foreign funds as domestic bourses may open in positive zone.

Dollar's weakness against some Asian currencies also helped Indian rupee to recover.

At the Interbank Foreign Exchange (Forex) market, the domestic unit was quoted higher at 51.00 a $, up by 18 paise over the previous close of 51.18/19. It opened at 51.05.

Forex dealers said hopes of pick up in capital inflows from foreign funds in the domestic stock markets, which may open higher in tandem with other Asian markets, mainly supported the rupee.

Gains in some other Asian currencies against the greenback also helped the domestic currency to edge higher, they said.

Yesterday, rupee plunged by 60 paise to close at 51.18/19 after the Sensex plunged 480.35 points.