The Indian rupee on Wednesday appreciated 23 paise against the US currency in opening trade on dollar selling by banks amid surging trend in domestic stock markets.
At the Interbank Foreign Exchange (Forex) market, the domestic currency traded at 48.75 against the greenback, a gain of 23 paise over the previous close of 48.98/49.00.
Dealers said that the rupee gained on dollar selling by banks and exporters after a surging trend in domestic equity markets.
The Bombay Stock Exchange benchmark sensex on Tuesday closed 492.98 points higher at 9,654.90.
Meanwhile, other Asian currencies are also up against dollar, fortifying the rupee.
The rupee, shot up by 60 paise at 48.98/49.00 in the last trading session yesterday against the dollar.