Rupee up 90 paise at 48.50 against dollar in early trade

The Indian rupee on Monday strengthened by 90 paise to touch a three-month high of 48.50 against the US dollar in early trade on expectations of sustained capital inflows by foreign funds as equity markets may open on a strong note on the outcome of the Lok Sabha polls.

At the Interbank Adopted Exchange (Forex) market, the bounded unit, which concluded 37 paise college at 49.40/42 a dollar on Friday, confused up by 90 paise as bounded stocks are accepted to assemblage on the affairs of a abiding government afterwards Congress-led UPA's achievement in the accepted elections.

Forex dealers said disinterestedness markets are accepted to accessible acutely college as adopted funds are accepted to inject added funds into Indian bourses, triggered by political adherence afterwards UPA's achievement in the elections.