The rupee appreciated by 15 paise at 48.37 in early trade on Thursday on increased dollar sales by exporters amid expectations of capial inflows by funds as market may open higher in line with firming trends on the other Asian equity markets.

At the Interbank Foreign Exchange (Forex) market, the domestic unit was quoted higher at 48.37 a dollar, a gain of 15 paise over the previous close of 48.52/53. Yesterday, rupee ended 10 paise down after BSE Sensex fell nearly 220 points, or 1.46 per cent in choppy trade.

Forex dealers said anticipation of the markets to open strong and exporters' dollar selling, buoyed the rupee sentiment.

The Hong Kong's Hang Seng index was up nearly 2.5 per cent in the morning trade today.