Re 16 paise higher against $ at 47.88

The rupee today appreciated 16 paise against the US currency in opening trade on capital inflow by foreign funds and cut in home loan rates by public sector banks.

At the Interbank Foreign Exchange (Forex) market, the domestic currency traded at 47.88 against the greenback, a gain of 16 paise over the previous close of 48.04/05.

Dealers said that the rupee gained on capital inflow by foreign funds and an upward trend in Asian equity markets that raised hopes for rise on domestic bourses.

The rupee closed 41 paise higher at 48.04/05 yesterday.