Rupee appreciates by 11 paise against dollar

Rupee appreciates by 11 paise against dollar

Mumbai: The Indian rupee on Thursday appreciated by 11 paise against the US dollar in early trade on increased dollar selling by exporters and banks amid firming Asian equity markets.

At the Interbank Foreign Exchange (forex) market, the domestic unit rose by 11 paise to Rs49.89 against the greenback in opening trade. The rupee had gained 15 paise at Rs50.00/02 against dollar on Wednesday

Dealers attributed the rupee’s gain to increased dollar selling by banks and exporters after a surging trend in global equity markets and hopes of firm opening in domestic bourses.

Asian markets on Thursday opened on a positive note with Hong Kong’s Hang Seng moving up 1.98% while Japan’s Nikkei rising 0.62% in early trade, taking cues from overnight rally in the US stocks.