Rupee rises by 11 paise to 48.85 a dollar

The Indian rupee strengthened by 11 paise against the US currency in opening trade on Thursday on dollar selling by exporters.

Weak dollar against other currencies and hopes of fresh capital inflows by foreign funds into equity markets also supported the Indian rupee.

At the Interbank Foreign Exchange (Forex) market, the domestic unit appreciated by 11 paise to quote at 48.85 a dollar over the previous close. On Wednesday, the rupee closed 7 paise higher at 48.96/97 in volatile trade.

Forex dealers said dollar selling by exporters and fresh capital inflows in line with firming trends on other Asian markets, mainly boosted the rupee sentiment. A weak dollar overseas also supported the rupee.