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Moving in line with the equity markets, the rupee rallied 75 paise to 48.75 against the American currency in the early trade on sustained selling of dollar by banks and exporters amid its weakness against other overseas currencies.
The rupee resumed higher at 48.90/91 per dollar at the Interbank Foreign Exchange (Forex) market against the last closing level of 49.50/51 per dollar and strengthened further to 48.75 per dollar before quoting at 48.81/82 per dollar at 10.30 a.m.
The domestic currency hovered in a range of 48.75 per dollar and 48.93 per dollar during the morning deals.
Persistent selling of dollar by banks and exporters in view of fall of dollar in the overseas market coupled with strong equity market boosted the rupee value against the dollar, a forex dealer said.
In the New York market yesterday, euro jumped the most in a session since March 2009 to over $1.42 for the first time since early September, after the European leaders announced a plan to deal with the Greek debt crisis and boost the power of the euro zone bailout fund.
Meanwhile, the Indian benchmark Sensex rose 456 points of 2.64 per cent in the early trade.
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