Rupee opens stronger at 48.88 per US dollar

Mumbai, Nov 17: The rupee on Monday, Nov 17 opened firm at 48.88/90 against US dollar on fresh selling pressure of dollar by foreign banks and others.

Dealers said the partially-convertible rupee strengthened as it was buoyed by the central bank's measures to encourage foreign deposits. However, gains were capped as a fall in the stock market raised concerns of further capital outflows. Later, the domestic currency was fluctuating in a narrow range between 48.77 and 48.90 against USD in the intra-day trade.

UNI