Re rises by 23 paise against $

The Indian rupee today appreciated by 23 paise to a two-week high against the $ in early trade on expectations of increased capital inflows by foreign funds following firm Asian stock markets.

At the Interbank Foreign Exchange (forex) market, the domestic currency was quoted at 47.87 a $, a gain of 23 paise over the previous close. Rupee ended steady at 48.10/11 against the US currency yesterday.

Dealers said anticipation that domestic stock markets would open strong in line with Asian equity markets buoyed the rupee sentiment.

The US currency weakened against other Asian currencies which supported the rupee trend, they added.