The rupee opened higher by 28 paise against the US currency today on $ selling by exporters and banks after global equity markets registered early gains.
The domestic currency opened at 49.87/88 against $, a gain of 28 paise over its previous close, at the Interbank Foreign Exchange (Forex) market.
Dealers said that rupee gained on dollar selling by banks and exporters after a surging trend in global equity markets raised hopes of a rally in domestic stocks.
The $ falling against the euro and other Asian currencies also supported the rupee sentiments.
Asian markets today opened on a positive note tracking a strong overnight rally in the US stocks amid hopes that the US government will rescue major troubled automakers.
Rupee yesterday had closed 13 paise higher against the $ on suspected central bank intervention in support of the local currency.
Source : Business Standard