INR 48 paise stronger against US dollar

INR 48 paise stronger against US dollar
PTI
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First Published: Wed, Dec 10 2008. 10 16 AM IST
Updated: Wed, Dec 10 2008. 10 16 AM IST
Mumbai: The Indian rupee on Wednesday appreciated by 48 paise against the US currency in early trade on dollar selling by banks amid surging Asian equity markets.
At the Interbank Foreign Exchange (Forex) market, the domestic currency traded at Rs49.11 against the greenback, a gain of 48 paise over the previous close of Rs49.58/59.
Dealers said that the rupee gained on dollar selling by banks and exporters after a surging trend in Asian equity markets raised hopes of a rally in domestic stocks.
Asian markets on Wednesday opened on a positive note with Hong Kong’s Hang Seng moving up 2.76%, while Japan’s Nikkei rising 2.34% in early trade.
The rupee, in choppy trade in last trading session on Monday, had closed two paise lower against the dollar.
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First Published: Wed, Dec 10 2008. 10 16 AM IST
More Topics: Rupee | Dollar | Trade | Asia | Money Matters |