Rupee weakens by eight paise against dollar in early trade

The rupee weakened further against the US currency and was quoted about eight paise lower during early trade following fairly good dollar demand.

The rupee weakened further against the US currency and was quoted about eight paise lower during early trade following fairly good dollar demand amid firm dollar overseas.

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In active trade at the interbank foreign exchange (forex) market, the Indian unit resumed marginally lower at 44.70/71 per dollar from Friday's close of 44.69/70 a dollar but later fell to 44.77/78 a dollar in late morning deals.

The rupee opened weak as dollar strengthened in New York last weekend and fell further on good dollar demand from banks in morning trading, a forex dealer said.

In New York markets, the dollar reached multi-week highs against the Yen and Euro on Friday after a report showing a healthy appetite by foreigners for US securities and spurred a bout of dollar-buying.