The Indian rupee rose by 23 paise to 50.22 against the US currency in early trade today on hopes that foreign funds will pump money into the domestic markets, as they may follow the surge on the Asian bourses.

Dollar's weakness against some other regional currencies also supported the Indian unit. At the Interbank Foreign Exchange (Forex) market, the domestic currency was quoted higher at 50.22 a dollar, up by 23 paise over the previous close of 50.45/46.