The rupee today appreciated by 4 paise to Rs 46.86 a dollar at the

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Interbank Foreign Exchange market in early trade, on sale of dollars by banks.

However, weak opening of the stock market and dollar's strength against other currencies, capped rupee's gain.

Forex dealers said selling of dollars by banks helped rupee to strengthen, but capital outflows by foreign funds and weak Asian currencies against the dollar restricted rupee's gain.

The rupee had ended 26 paise lower at Rs 46.90/91 against the dollar in the previous session.

Meanwhile, the Bombay Stock Exchange index, Sensex fell by 39.33 points or 0.21 per cent to 18,272.26 points in the opening trade today.