Rupee gains 12 paise in early trade

The rupee rose by 12 paise to 48.89 per U.S. dollar in early trade on the Interbank Foreign Exchange on Monday, supported by euro gains against the American currency and a rise in the domestic equity market.

Dealers said dollar weakness against the euro and other currencies overseas and gains recorded by domestic bourses in early trade influenced the rupee sentiment.

The rupee had closed 11 paise higher at Rs. 49.01/02 against the U.S. currency in Friday’s trade on the back of a smart rise in local stocks and dollar weakness overseas.