Rupees down by 11 paise to 49.38 a dollar

The Indian rupee weakened by 11 paise against the dollar in early trade on Friday on capital outflow by foreign funds and increased buying of the US currency by some banks.

The Indian rupee weakened by 11 paise against the dollar in early trade on Friday on capital outflow by foreign funds and increased buying of the US currency by some banks.

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At the Interbank Foreign Exchange (Forex) market, the domestic unit resumed lower at 49.38 a dollar from its previous close of 49.26/27.

After opening low at 49.44, the domestic unit was later quoted at 49.38.

Forex dealers said the greenback strengthening against other currencies also caused the rupee to depreciate.