The Indian rupee on Thursday appreciated by 11 paise against the US dollar in early trade on increased dollar selling by exporters and banks amid firming Asian equity markets.
At the Interbank Foreign Exchange (forex) market, the domestic unit rose by 11 paise to 49.89 against the greenback in opening trade. The rupee had gained 15 paise at 50.00/02 against dollar on Wednesday.
Dealers attributed the rupee's gain to increased dollar selling by banks and exporters after a surging trend in global equity markets and hopes of firm opening in domestic bourses.
Asian markets today opened on a positive note with Hong Kong's Hang Seng moving up 1.98 per cent while Japan's Nikkei rising 0.62 per cent in early trade, taking cues from overnight rally in the US stocks.