The Indian rupee appreciated by five paise to 48.50/52 against the American currency in early trade today on a fresh surge in local stocks amid expectations of month-end dollar demand.

The domestic currency was trapped in a small range of 48.49 and 48.58 in the initial thirty minutes of trading after resuming steady at 48.55/57 a dollar from its last close of 48.55/56 a dollar.