Rupee Appreciates Cues From Overnight Rally Against Dollar - Dec 06, 2008

The Indian rupee appreciated by 11 paise against the US dollar on Dec 4 in early trade due to the increased dollar selling by exporters and banks on firm Asian equity markets. At the Interbank Foreign Exchange (forex) market, the domestic currency rose against the greenback by 11 paise to 49.89 from previous close of 50.00/02. 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 opened on a positive note with Hong Kong''s Hang Seng moving up 1.98 per cent while Japan''s Nikkei rising 0.62 per cent in early trade, taking cues from overnight rally in the US stocks.