Rupee recovers, rises 10 paise against $

The Indian rupee appreciated marginally by 10 paise against the US currency in opening trade today on expectations of increased capital inflows by foreign funds as domestic bourses may open higher and dollar's weakness against some currencies.

However, increased month-end demand for the US greenback from importers, capped gains in the Indian unit.

At the Interbank Foreign Exchange (Forex) market, the domestic unit was quoted higher at 50.63 a $, up by 10 paise over the previous close of 50.73/75.

Forex dealers said hopes of pick up in capital inflows from foreign funds in the domestic stock markets, which may open in positive zone in tandem with other Asian markets, mainly supported the rupee.

 

Gains in some other Asian currencies against the greenback also helped the domestic currency to edge higher, they said.