The Indian rupee on Monday appreciated 27 paise against the US currency in opening trade on dollar selling by exporters amid surging trend in Asian stock markets.
At the Interbank Foreign Exchange (Forex) market, the domestic currency traded at 48.18 against the greenback, a gain of 27 paise over the previous close of 48.45/46.
Dealers said that the rupee gained on dollar selling by banks and exporters after an upward trend in Asian equity markets raised hopes for rise on domestic bourses.
Asian markets on Monday opened higher with Hong Kong's Hang Seng going up 3.15 per cent, while Japan's Nikkei was up 5.31 per cent in early trade.
The rupee, depreciated by 12 paise at 48.45/46 in the last trading session.