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Rupee down against US dollar in early trade

Rupee down against US dollar in early trade
PTI
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First Published: Thu, Jan 03 2008. 11 54 AM IST
Updated: Thu, Jan 03 2008. 11 54 AM IST
Mumbai: The rupee weakened further against the US currency in the morning trade on Thursday due to weak equity markets and rising crude oil prices.
In quiet trade at the Interbank Foreign Exchange (forex) market, the local currency resumed lower at 39.46/47 a dollar from overnight close of 39.43/44 and later was quoted at 39.4550/4650.
Some dollar demand from banks amid high crude oil prices weighed on the rupee sentiment, forex dealers said.
Asian equity markets were down in a range of about 1%-2% even as local stock market recovered from its early lows and was quoted moderately up in late morning trade.
The rupee remained under pressure due to negative FII activity. Foreign Institutional Investors (FIIs) pulled out moderate amount from equity as per the provisional data.
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First Published: Thu, Jan 03 2008. 11 54 AM IST
More Topics: Rupee | Dollar | Money Matters | Currency |