Rupee down 34 paise to nearly 2-yr low against USD

Mumbai, Sep 14: The Indian rupee tumbled by 34 paise to an almost two-year low of Rs 47.93 per US dollar in early trade on the Interbank Foreign Exchange today as the American currency firmed up against other major rivals overseas.

Dealers attributed the rupee''s fall to a level last seen in September, 2009, to strong dollar demand from importers and some banks and dollar gains against other currencies.

They said the continued slide in the equity market also put pressure on the Indian rupee.

Yesterday, the rupee had fallen by 37 paise to close at a nearly 16-month low of Rs 47.59/60 against the American currency on persistent dollar demand from importers and banks.

Meanwhile, the Bombay Stock Exchange benchmark Sensex was down by 71.30 points, or 0.44 per cent, at 16,396.14 in opening trade today.

PTI