IND: Rupee moves up further by four paise vs dlr in early trade
The Indian rupee today firmed up further by nearly four paise to 48.73/74 in the early trade due to recovery in stock markets amid weak dollar overseas.
In a range bound trade at the Inter-bank Foreign Exchange (Forex) market, the domestic unit resumed higher at 48.70/71 a dollar from overnight close of 48.77/79 before quoting at 48.73/74 in late morning deals.
The rupee moved in a range of 48.70 and 4877 during the morning session. Forex dealers attributed the rise in the rupee to smart recovery in the Indian benchmark Sensex which rose by over 130 points or 1.43 per cent in early trade on firm global cues and expectations of more sops in the forthcoming interim budget.
Asian indices were also quoting stronger by nearly 0.1 per cent to 26 per cent in morning trade on the back of smart rally on Wall Street yesterday on expectations of passing a massive US stimulus package.
The dollar was trading in a narrow range with downward bias in Asian trade today as the attention was focused on the fate of the US stimulus package. Analysts expected the rise in the rupee might be capped by sustained capital outflows.
