Rupee dips by 28 paise in early trade

The Indian rupee on Thursday declined by 28 paise to a one-week low against the dollar in early trade on month-end dollar demand from importers and firmness in the US currency against major Asian currencies.

The Indian rupee on Thursday declined by 28 paise to a one-week low against the dollar in early trade on month-end dollar demand from importers and firmness in the US currency against major Asian currencies.

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At the Interbank Foreign Exchange (forex) market, the domestic currency was quoted at 48.58 a dollar, a loss of 28 paise over the previous close.

The rupee yesterday lost 21 paise to close at 48.30/31 a dollar.

Dealers said month-end dollar demand from refiners and importers and firming US dollar overseas weighed on the Indian unit.

Expectations of capital outflows from weak stock markets also put pressure on the rupee.

The BSE Sensex yesterday ended 1.03 per cent down at 15,173.46 points.