Sliding for the third straight day, the Indian rupee depreciated by another seven paise against the US currency in early trade today on anticipation that the domestic bourses may open weak leading to more capital outflows by funds.
Sliding for the third straight day, the Indian rupee depreciated by another seven paise against the US currency in early trade today on anticipation that the domestic bourses may open weak leading to more capital outflows by funds.
At the Interbank Foreign Exchange (Forex) market, the domestic currency was quoted at 49.77 against the dollar, a fall of seven paise over the previous close of 49.70/72. The domestic currency crashed by 88 paise to close at nearly two-and-a-half-month low of 49.70/72 yesterday.
Dealers said concerns of capital outflows by funds on fears that the domestic stock markets may open in the negative zone, in tandem with other Asian bourses, mainly put pressure on the Indian rupee. They said dollar's gains against some other currencies also had some pressure on the domestic unit.
The BSE Sensex had ended 270.45 points, or 2.91 per cent, down yesterday. Meanwhile, Hong Kong's Hang Seng fell by 1.47 per cent, while Japan's Nikki shed 1.38 per cent in early trade today.
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