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Rupee down 30 paise against dollar

The rupee fell by 30 paise against the US currency to Rs 50.50 in early trade today on heavy outflows of foreign funds amid melting Asian equity markets.

business Updated: Nov 21, 2008 09:43 IST

The Indian rupee fell by 30 paise against the US currency to Rs 50.50 in early trade on Friday on heavy outflows of foreign funds amid melting Asian equity markets.

Rupee had closed lower by 18 paise against the dollar at the Interbank Foreign Exchange (Forex) market on Thursday.

Dealers said sustained dollar demand from importers also weighed on the rupee sentiment.

Foreign funds have been withdrawing money from emerging markets in view of melting equity markets, which also impacted the sentiments, forex dealers said.

Meanwhile, the Indian benchmark BSE Sensex closed over 322.77 points, or 3.61 per cent down, at to 8,451.01 on Thursday, while other Asian markets were down in the range of 2 to 3 per cent in early trade on Friday.