Rupee down 16 paise vs USD in early trade

The Indian rupee weakened 16 paise against the US dollar in early trade today on capital outflow by foreign funds in anticipation that the domestic markets may open down, in tandem with other Asian bourses.

The Indian rupee weakened 16 paise against the US dollar in early trade today on capital outflow by foreign funds in anticipation that the domestic markets may open down, in tandem with other Asian bourses.

At the Interbank Foreign Exchange (Forex) market, the local unit fell 16 paise to 47.44 a dollar. Yesterday, the domestic currency had ended 18 paise lower at 47.28/30 against the greenback.

Forex dealers said the Bombay Stock Exchange benchmark Sensex is likely to open on a weak note in line with other Asian markets, which are down up to 0.5 per cent, leading to capital outflow by foreign funds.

Month-end dollar demand also put pressure on the rupee, they added. The 30-share barometer had closed with a moderate gain of 26 points at 13,913.22 points in a choppy trade yesterday.

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!