Rupee rises by 22 paise to 48.74 a dollar in early trade

Mumbai, July 15 (PTI) The Indian rupee appreciated by 22
paise at 48.74 in early trade on Wednesday, extending gains on
increased dollar sales by exporters amid expectations of fresh
capital inflows by funds as market may open higher in tandem
with firming trends on the other Asian equity markets.

Dollar's weakness against major currencies also supported
the rupee to some extent.

At the Interbank Foreign Exchange (Forex) market, the
domestic unit was quoted higher at 48.74 a dollar, a gain of
22 paise over the previous close of 48.96/98. On Wednesday,
rupee ended 12 paise stronger as BSE Sensex rebounded 3.39 per
cent after four straight falls.

Forex dealers said rupee's rise against the dollar was
mainly because of an impressive bounce-back in equity markets,
which raised hopes of fresh capital inflows by foreign funds.
PTI