Rupee gains 12 paise against US dollar

Mumbai: The Indian rupee rose by 12 paise to Rs 48.89 per US dollar in early trade on the Interbank Foreign Exchange today, supported by euro gains against the American currency and a rise in the domestic equity market.

Dealers said dollar weakness against the euro and other currencies overseas and gains recorded by domestic bourses in early trade influenced the rupee sentiment.

The rupee had closed 11 paise higher at Rs 49.01/02 against the US currency in Friday`s trade on the back of a smart rise in local stocks and dollar weakness overseas.

Meanwhile, the BSE benchmark Sensex rose by 80.93 points, or 0.47 per cent, to 17,163.62 in opening trade today.