Rupee sheds 19 paise against dollar in early trade
The Indian rupee fell by 19 paise against the US currency in early trade today in line with weak trend in Asian equities raising concerns of capital outflows by funds from the domestic stock markets.business Updated: Feb 20, 2009 11:18 IST
The Indian rupee fell by 19 paise against the US currency in early trade on Friday in line with weak trend in Asian equities raising concerns of capital outflows by funds from the domestic stock markets.
At the Interbank Foreign Exchange (Forex) market, the domestic currency was quoted at 49.80 against the dollar, a fall of 19 paise over the previous close of 49.61/63 a dollar.
The domestic currency on Thursday recovered by 31 paisa to 48.61/63 against the dollar.
Dealers said concerns of capital outflows by funds on the domestic stock markets opening lower by over 195 points to 8,847.58 in early trade, in tandem with other Asian bourses, mainly put pressure on the Indian rupee.
They said, the dollar's gains against major currencies also weighed on the domestic currency.
Meanwhile, Hong Kong's Hang Seng fell by 2.41 per cent, Japan's Nikkei shed 1.87 per cent, while Singapore's Strait Times moved down by 1.53 per cent in early trade on Friday.