Rupee up 6 paise at 48.73/$ in early trade

The Indian rupee today appreciated by 6 paise against the $ in early trade on expectations of increased capital inflows as stock markets may open on a strong note in line with other firming Asian bourses.

At the Interbank Foreign Exchange (Forex) market, the domestic unit rose by 6 paise to 48.73/$. The rupee ended 16 paise higher at 48.79/80 in the previous session. The currency markets had remained closed yesterday on account of a local holiday.

Dealers said hopes of increased capital inflows as stock markets may open higher in tandem with other firming Asian markets, which are up over one per cent in morning trade, led to the recovery in the local unit.

 

However, firm dollar overseas restricted rupee's gain to some extent, they added.