Rupee down 18 paise at 47.85 a dollar in opening trade

The Indian rupee on Friday moved further down by 18 paise against the US currency in opening trade on expectations of capital outflows by funds amid a weak dollar overseas.

The Indian rupee on Friday moved further down by 18 paise against the US currency in opening trade on expectations of capital outflows by funds amid a weak dollar overseas.

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In thin trading at the Interbank Foreign Exchange market, the local unit fell by 18 paise at 47.85 a dollar in early trade over the previous close of 47.67.

Forex dealers said expectations of capital outflows as the stocks markets may open weak today in tandem with other Asian bourses, which are down up to two per cent, influenced the rupee sentiment.

Besides, dollar's weakness against major currencies overseas also weighed on the rupee, they said.

The Indian benchmark Sensex on Thursday plunged by 389.80 points or 2.45 per cent.