Rupee down 37 paise at fresh 30-month low against dollar

Mumbai, Oct 21: The Indian rupee was down by 37 paise at a fresh 30-month low of Rs 50.17 per US dollar in early trade today (Oct 21) on sustained dollar demand from importers and some banks amid firmness of the American currency overseas.

The rupee resumed lower at Rs 50.01/02 per dollar on the Interbank Foreign Exchange, as against its previous close of Rs 49.80/81 per dollar, and dropped further to Rs 50.17 per dollar, its lowest level since April 29, 2009, before quoting at Rs 50.02/03 per dollar at 1030 hours.

Forex dealers said heavy dollar demand from importers and oil refiners amid dollar firmness overseas mainly put pressure on the rupee.

In the New York market, the euro edged higher against the dollar yesterday after trading erratically in a tight range as market participants derived a little comfort from European leaders' moves to contain the euro zone debt crisis.

Meanwhile, oil rose in Asia today as investors looked to upcoming summits aimed at resolving Europe's debt crisis, though analysts said the death of Libya's Muammar Gaddafi would have a limited impact on prices.

New York's main contract, light sweet crude crude for December delivery, was up 30 cents at USD 86.37 a barrel.

The Bombay Stock Exchange benchmark Sensex was up by 66 points, or 0.39 per cent, at 17,002.83 at 1015 hours.

PTI