The rupee appreciated against the dollar by 11 paise to 46.39 on the forex market in early trade today. At the Interbank Foreign Exchange (Forex) market, the rupee had ended lower by 2 paise at 46.50/51 on Thursday. Forex dealers said inflow of overseas funds following a rise in domestic equity market mainly influenced the trading sentiment.The Bombay Stock Exchange benchmark Sensex today opened higher over 74 points. However it shed its initial gains and was trading at 16075 down by 76 points. The wide-based National Stock Exchange index Nifty also rose by 18 points in the opening trade and later was trading flat at 4803, down by over 23 points.