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Rupee down by 5 paise against dollar

The Indian rupee fell by 5 paise against the US currency in early trade on increased dollar demand from importers and expectations of more capital outflows as stock markets may open in negative zone in line with subdued trend in other Asian markets.

business Updated: Mar 09, 2009 11:26 IST
PTI
Hindustantimes

The Indian rupee fell by 5 paise against the US currency in early trade on Monday on increased dollar demand from importers and expectations of more capital outflows as stock markets may open in negative zone in line with subdued trend in other Asian markets.

At the Interbank Foreign Exchange (Forex) market, the domestic currency was quoted at 51.75 a dollar, down by five paise from its previous close of 51.70/71.

The rupee had closed 7 paise higher at 51.70/71 a dollar in choppy trade on Friday last week.

Dealers said increased demand for dollar from importers and concerns over fresh capital outflows by foreign funds mainly weakened the rupee.

Meanwhile, among Asian stock markets, the Japan’s Nikkei fell by 1.45 per cent, while Hong Kong’s Hang Seng lost 1.64 per cent in early trade.