The Indian national currency has strengthened 67 paise to Rs 48.83 against the US dollar during the early trace at the Interbank Foreign Exchange on Friday.

The growth is backed by gains made by the Euro against the American currency as well as a strong performance by the domestic stock market. The US dollar weakened against most Asian currencies and it faced its biggest fall against a basket of major currencies in more than two years.

The optimism returned in the markets after European leaders agreed on a deal to resolve debt crisis in Greece, which indicated that they will be able to contain the crisis and prevent it from spreading to other larger economies of Italy and Spain.

According to the dealers, the main reasons behind the rise of Rupee were Dollar weakness against the Euro and other currencies as well as a strong opening of the domestic bourses in early trade.

The INR had closed at Rs 49.50/51 against the US currency in Tuesday's trade. The rupee grew 75 paise to 48.75 against the American currency in the early trade.

The 30-share benchmark index of the Bombay Stock Exchange (BSE), Sensex rose 619.30 points to 17,908.13 in opening trade today due to large scale buying by foreign funds.