Mumbai: The rupee strengthened in early deals on Monday, following gains in some Asian currencies and expectations that local stocks would also rise and attract some foreign interest.
At 9:02 a.m, the partially convertible rupee was at 48.72/73 per dollar, stronger than 48.88/89 per dollar on Friday. It fell to a lifetime low of 49.30 earlier this month.
The rupee has edged following small gains in Asian currencies versus the dollar, but concerns of capital outflows will keep pressure on the local unit.
Most Asian stock markets were stronger and oil prices rose ahead of an expected supply cut at an emergency OPEC meeting this week, but a threat of global recession haunted investors.