Re moves up further by four paise vs $ in early trade

The Indian rupee today firmed up further by nearly four paise to 48.73/74 in the early trade due to recovery in stock markets amid weak $ overseas.

In a range bound trade at the Inter-bank Foreign Exchange (Forex) market, the domestic unit resumed higher at 48.70/71 a $ from overnight close of 48.77/79 before quoting at 48.73/74 in late morning deals.

The rupee moved in a range of 48.70 and 48.77 during the morning session.

Forex dealers attributed the rise in the rupee to smart recovery in the Indian benchmark Sensex which rose by over 130 points or 1.43 per cent in early trade on firm global cues and expectations of more sops in the forthcoming interim budget.