Rupee down by 25 paise vs dollar

Mumbai, May 23: The Indian rupee fell by 25 paise to 45.26 against the US dollar on Monday, May 23, on sustained demand for the American currency from banks and importers amid a higher dollar in overseas markets and weakness in the domestic equity market.

Forex dealers said strengthening of the dollar against major currencies overseas and a lower opening in the domestic stock market mainly put pressure on the rupee.

At the Interbank Forex Exchange, the rupee resumed lower at 45.14/15 per dollar as against the previous closing level of 45.01/02 per dollar and moved down further to 45.26 at 1030 hours.

The rupee moved in a range between 45.14 and 45.26 per dollar in morning deals. The dollar was higher against the euro in early trade on Monday, getting a lift against its European counterpart amid renewed fears about eurozone sovereign debt.

Meanwhile, oil was down in Asian trade on Monday after the investor sentiment took a hit amid worries about weak US demand, analysts said. New York's main contract, light sweet crude for Jul delivery, lost 95 cents to USD 99.15 a barrel.

The Bombay Stock Exchange benchmark Sensex was down by 169.20 points, or 0.92 per cent, at 1050 am.

PTI