Re up 16 paise against $

The Indian rupee today appreciated by 16 paise against $ in early trade, taking cues from other Asian currencies.

At the Interbank Foreign Exchange (forex) market, the domestic currency gained 16 paise to quote at 48.40/41 a $ over its previous close of 48.56/57.

Forex dealers said major Asian currencies gaining strength against the $ buoyed the rupee sentiment.