Indian rupee rises in early trade

Mumbai: The Indian rupee rose in early trade on Friday, as lower oil prices calmed concerns of a widening trade deficit, and dealers said they will eye share prices for cues on foreign capital. At 9:30 a.m, the partially convertible rupee traded at 42.50/51 per dollar, off an early high of 42.47, and stronger than previous close of 42.57/58.

Oil prices eased as US data reinforced worries about shrinking demand there. Lower oil prices reduce the pressure on the Indian government to increase state-set fuel prices.

Foreigners are net sellers of nearly $7 billion of Indian equities so far in 2008, after buying a record $17.4 billion in the previous year.

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