Re appreciates by 11 paisa vs $ in early trade

The Indian rupee appreciated by 11 paisa to 48.80 against the American currency in early trade today on fresh dollar selling by exporters and stability in local stocks.

The domestic currency resumed lower at 48.83/85 a dollar against its previous close of 48.91/92 a dollar and later touched a high of 48.80 before being quoted at 48.83/84 a dollar in late morning deals.

Dealers at the Interbank Foreign Exchange market said the rupee drew support from sustained dollar sales by exporters amid petering demand from oil refiners.

Stability in local stocks also aided the rupee sentiment, they added.

Indian benchmark Sensex was trading in the green and showed a gain of 82.30 points or 0.52 per cent at 1025 hours.

 

Meanwhile,the dollar was subdued against the basket of currencies in Asian trade.