Rupee turns weak against dollar in early trade

The rupee turned weak after opening higher and touched 42.9250 level against the US dollar in deals on import coverings as well as dollar demand from foreign banks.

The rupee turned weak after opening higher and touched 42.9250 level against the US dollar in late Wednesday morning deals on import coverings as well as dollar demand from foreign banks.

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In a fairly active trade at the Interbank Foreign Exchange (forex) market, Indian unit resumed better at 42.81/83 per dollar from overnight close of 42.8350/8450 per dollar but later fell sharply to 42.9250 level before being quoted at 42.88/89 a dollar in late morning deals.

There was some dollar demand from oil companies and foreign banks during early trade, a forex dealer said.

Meanwhile, the benchmark BSE Sensex advanced by about 50 points in morning trading.