Rupee down by 59 paise vs dollar

Mumbai, Oct 3: In line with weakness in the equity market, the Indian rupee fell by 59 paise to Rs 49.55 per US dollar in early trade today (Oct 3) amid persistent dollar demand from banks and importers in view of dollar firmness in overseas markets.

The rupee resumed lower at Rs 49.45/46 per dollar on the Interbank Foreign Exchange, as against its previous close of Rs 48.96/97 per dollar, and moved down further to Rs 49.55 per dollar before quoting at Rs 49.42/43 per dollar at 1030 hours.

Sustained dollar demand from banks and importers due to dollar firmness in overseas market mainly affected the rupee sentiment, a forex dealer said.

In the Tokyo market, the euro sank to an eight-month low against the dollar in early trade and is poised to fall further after the Greek government said the country will miss a deficit target set just months ago in return for a massive bailout package for the debt-stricken nation.

Meanwhile, the Indian benchmark Sensex was down by 333 points, or 2.02 per cent, in early trade.

PTI