Rupee down 22 paise against USD in early trade

The Indian rupee plunged by 22 paise to 49.92 against the US currency in early trade on expectations of capital outflows by foreign funds and increased dollar demand from importers.

The Indian rupee on Thursday plunged by 22 paise to 49.92 against the US currency in early trade on expectations of capital outflows by foreign funds and increased dollar demand from importers.

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At the Interbank Foreign Exchange (Forex) market, the local unit, which closed at 49.70/71 on Thursday, fell by 22 paise on heavy dollar demand from importers.

Forex dealers said the domestic bourses are expected to open on a weak note in line with other Asian markets, which are down by up to three per cent, leading to capital outflows by foreign funds.

Meanwhile, the Indian benchmark Sensex ended lower by 138.38 points or 1.14 per cent on Wednesdsay.