Mumbai, August 24: Continuing its surging trend for the fourth day in a row, the Indian rupee appreciated by another 23 paise to 48.39 against the dollar in early trade on Monday in line with strong equity markets and weak dollar overseas.
The domestic currency resumed firm at 48.40/42 a dollar against its last weekend’s close of 48.62/64 a dollar and later moved narrowly in the range of 48.39 and 48.45 in the initial 30 minutes of trading.
It was quoted steady at 48.40/42 a dollar in late morning deals in lacklustre activity.
Dealers at the Interbank Foreign Exchange market said the rupee drew support from strong Asian equity markets raising hopes of positive FII activity.
They said a weaker US dollar against major world currencies also aided the rupee sentiment.
Indian benchmark Sensex was up 279 points, or 1.83 percent in early trade.
–Agencies