The Indian rupee strengthened by 18 paise a $ at 46.83 -- its seven-month high -- in early trade today, supported by a weak $ against major currencies and anticipation of capital inflow into domestic equities which are expected to open positive following Asian cues.
At the Interbank Foreign Exchange (Forex) market, the local unit, which had ended five paise cheaper at 47.01/02 yesterday, regained strength to quote at 46.83, a level last seen in November last year.
Besides the greenback weakening against major currencies, expectations of a strong opening in the equity markets gave a boost to the rupee sentiment, forex dealers said.
