Re up 11 paise against $

The Indian rupee resumed stronger by 11 paise against the $ in early trade today taking cues from other Asia currencies.

At the Interbank Foreign Exchange (forex) market, the domestic currency gained 11 paise to quote at 48.02 over yesterday's close of 48.13/14.

The local unit had closed above the crucial 48 level against the dollar for the first time in five weeks in tandem with a sharp slide in local stocks.

Forex dealers said Asian currencies gaining strength against the dollar buoyed the rupee sentiment.

However, capital outflow from equities, after yesterday's free fall, capped rupee's gain to a certain extent.

After a brief mid session recovery, sluggish European stocks and sustained sell-off by foreign funds dragged the market down yesterday with the benchmark Sensex plunging by 435 points, registering the fourth-biggest single-day fall of the year.