The Indian rupee today appreciated to 48.07 against the greenback in early trade owing to selling of dollars by state-run banks amid gains in Asian stock markets.
At the Interbank Foreign Exchange (Forex) market, the domestic unit, which closed at 48.45 on Friday, today recovered by 38 paisa at 48.07 against the greenback.
The local unit was trading at 48.32 a $ in early trade before trading at 48.07.
Forex dealers said selling of dollars by public sector banks after the Reserve Bank of India slashed the CRR by one per cent to infuse liquidity into the system mainly led to upward movement of the rupee.
