Re soars by 19 paise to 48.32 a $ in early trade

The Indian rupee has turned stronger after a brief pause yesterday appreciating by 19 paise to 48.32 against the greenback in early trade today in line with buoyant local stocks fuelling hopes of increased capital inflows in addition to a weak dollar against other currencies.

The domestic currency resumed firm at 48.41/42 a dollar against its previous close of 48.51/52 a dollar in opening trade and later surged to 48.32 a dollar before being quoted at 48.34/35 a dollar in late morning deals.

Dealers at the Interbank Foreign Exchange (Forex) market said the rupee surged as bullish equity markets strengthened expectations of more portfolio inflows.

 

They said the activity, however, was lacklustre in early trade in the absence of any major market-moving factor.

The BSE benchmark index Sensex was up 221 points or 1.37 per cent points at 1030 hours today while the Asian indices gained about 1.36 per cent to 2.13 per cent in early trade.