Rupee up 11 paise against USD

Mumbai, June 18 (PTI) The Indian rupee resumed stronger
by 11 paise against the dollar in early trade Thursday taking
cues from other Asia currencies.

At the Interbank Foreign Exchange (forex) market, the
domestic currency gained 11 paise to quote at 48.02 over
yesterday's close of 48.13/14.

The local unit had closed above the crucial 48 level
against the dollar for the first time in five weeks in tandem
with a sharp slide in local stocks.

Forex dealers said Asian currencies gaining strength
against the dollar buoyed the rupee sentiment.

However, capital outflow from equities, after Friday's
free fall, capped rupee's gain to a certain extent.

After a brief mid-session recovery, sluggish European
stocks and sustained sell-off by foreign funds dragged the
market down yesterday with the benchmark Sensex plunging by
435 points, registering the fourth-biggest single-day fall of
the year. PTI