Rupee loses 19 paise against US dollar in early trade

The Indian rupee fell by 19 paise to Rs 49.50 per US dollar in early trade today on fresh month-end dollar demand from banks and importers amid weakness in the local equity market.

The rupee resumed slightly higher at Rs 49.30/31 per dollar on the Interbank Foreign Exchange, as against last Friday's close of Rs 49.31/32 per dollar, but fell to a low of Rs 49.50 almost immediately before quoting at Rs 49.44/45 per dollar at 1030 hours.

Fresh dollar demand from banks and importers at current levels and a weakening trend in the equities market mainly affected the rupee value against the dollar, a forex dealer said.
The BSE benchmark Sensex dropped by 151.59 points, or 0.88 per cent, in early trade.
In New York, the dollar index regained a fraction of the ground lost in the previous week, although some analysts warned of possible risks ahead for the greenback.

Meanwhile, crude oil prices were lower in Asian early trade today as the market awaited the outcome of a European Union summit on containing the euro zone debt crisis, analysts said.
Crude oil prices were down by 29 cents at USD 99.27 a barrel in morning trade. 

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