Rupee falls by 26 paise to 48.34 in opening deals

Mumbai, Oct 15: The rupee on Wednesday, Oct 15 dwindled by 26 paise to 48.34 against US dollar from its previous close of 48.08 on expectations of a weaker start for local shares following fall in Asian markets, which could lead to further foreign fund outflows.

Later, the partially convertible rupee fluctuated between 48.34 and 48.60 per dollar, and was trading at around 48.40/42.

Brokers said ''The overnight cash rate was at 8.75/9.00 per cent, which was unchanged from the previous close.'' Dealers expect cash conditions to tighten if the central bank were to sell dollars to check the rupee's fall.

UNI