Rupee gains 17 paise at 48.25 against dollar in early trade
Mumbai: The Indian rupee turned stronger
after a brief break yesterday and was quoted higher at 48.25
against the greenback in early trade on Wednesday on the back of
bullish equity markets and dollar sales.
In fairly active trade at the Interbank Foreign Exchange
(forex) market, the domestic currency resumed higher at
48.38/40 a dollar and later surged to 48.25 level before being
quoted at 48.32/34 a dollar in late morning deals.
Forex dealers said exporters were seen selling American
unit in early trade as dollar weakened in Asian trade this
morning after Federal Reserve Chairman Ben Bernanke's cautious
view about the US economy.
They said the rupee also drew support from a sharp rally
in local stocks in early trade.
Indian benchmark Sensex was up 186 points in early trade
on encouraging global cues. Asian indices too were trading in
the green this morning.