Rupee up by 2 paise

Mumbai: The Indian rupee strengthened by 2 paise to Rs 44.97 per dollar in early trade on the Interbank Foreign Exchange today, supported by a higher opening in the stock market.

However, dollar gains against other Asian currencies capped the rupee`s rise.

The rupee had tumbled by 30 paise to close at a seven-week low of Rs 44.99/45.00 against the US currency yesterday due to renewed dollar demand from banks and importers.

Dealers said the higher opening in the stock market helped the rupee to strengthen against the US currency, but the dollar`s strength against the euro and other currencies restricted the rupee sentiment.

Meanwhile, the Bombay Stock Exchange Sensex recovered by 48.70 points, or 0.26 per cent, to 18,384.49 in opening trade today.