Rupee opens up at 47.89 against US Dollar

Mumbai, Oct 14: The rupee on Tuesday, Oct 14 opened with a massive gain of 36 paise at 47.89 from its last finish of 48.25 on fresh offloading of dollar by foreign banks in view of weaker dollar in overseas markets.

Later, the domestic currency was quoted below 48 mark and was seen fluctuating in a narrow range between 47.58 and 47.89 against dollar. Dealers said ''Rupee rose more than one per cent against the dollar in this morning session as stocks rallied for a second straight session, raising hopes of some capital inflows, while a bearish phase in dollar at overseas also helped rupee sentiment.''

UNI