Mumbai: The Indian rupee appreciated 22 paise against the US currency on Wednesday in early trade after ending at a five-week low of Rs49.12/14 on Tuesday.
At the Interbank Foreign Exchange market, the domestic currency traded higher at 48.90 against the US currency, a rise of 22 paise over the previous close of Rs49.12/14 a dollar.
On Tuesday, the rupee lost 29paise to touch more than a month low of Rs49.12/14 a dollar.
Dealers said dollar selling by banks, firming Asian equity markets and expectations of Indian markets opening higher helped the rupee to rebound.
Among Asian markets, Japan’s Nikkei was up 0.65%, while Hong Kong’s Hang Seng rose 1.70% in early trade Wednesday.