Mumbai: The rupee fell back after resuming stronger against the US dollar and was quoted lower at Rs48.74/76 in late Thursday morning trade amid poor attendance due to a new year holiday in overseas markets.
Dealers in foreign exchange market said the rupee traded with wider quotes in volatile trade this morning as several traders were sidelined due to a holiday in the world markets.
Resuming stronger at Rs48.62 a dollar, the domestic unit later surged to a high of Rs48.45 before being quoted at Rs48.74/76 a dollar.
It had closed at Rs48.69/70 a dollar on 31 December.
It also drew support from higher trend in local stocks and some capital inflows into equity at the end of 2008.
Indian benchmark Sensex gained about 88 points or 0.91% in early trade on Thursday.