Mumbai: The rupee edged higher in early trade on Wednesday as a rise in the Asian stock indices buoyed sentiment, but some month-end dollar demand from importers and oil refiners prevented a sharp rise in the unit.

* At 9:10 a.m., the partially convertible rupee was at 48.42/44 per dollar, off an early high of 48.30, but still slightly stronger compared with its Tuesday's close of 48.47/49.

* Traders said they will be watching data on balance of payments and the fiscal deficit due later in the day.

* The broad dollar weakness overseas is, however, expected to underpin rupee sentiment. The euro was gaining ground in Asia on Wednesday as tumbling U.S. yields undermined the dollar, while a dire outlook for the UK economy kept sterling pinned near record lows.

* The MSCI stocks index excluding Japan was up nearly 1 percent at 0343 GMT.

Source : Reuters