Rupee weakens against USD in early trade
Updated On: 06 January, 2009 11:06 AM IST | PTI
The rupee depreciated by seven paise against the greenback in early trade on Monday on increased dollar demand from importers and state-run banks amid weak Asian currencies.
The rupee depreciated by seven paise against the greenback in early trade on Monday on increased dollar demand from importers and state-run banks amid weak Asian currencies.
At the Interbank Foreign Exchange (Forex) market, the domestic currency traded lower at 48.66 against the US currency, a fall of seven paise over the previous close of 48.59/60 a dollar.
Yesterday, the rupee ended almost flat at 48.59/60 after remaining firm in early trade.
Dealers said heavy dollar demand from importers and state-run banks on behalf of refiners, and strengthening of the US currency against other Asian currencies mainly put pressure on the rupee.
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They said, however, gains on the domestic stock markets avoided any sharp slide in the rupee value.
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