Rupee down by 12 paise vs dollar

Mumbai, Oct 31: The Indian rupee was down by 12 paise at Rs. 48.88 per U.S. dollar in early trade today on fresh month-end demand for the American currency from oil refiners and banks on the back of a firming dollar in overseas markets.

The rupee resumed slightly lower at Rs. 48.77/78 per dollar on the Interbank Foreign Exchange, as against last weekend"s close of Rs. 48.76/77 per dollar, and declined further to 48.88 per dollar before quoting at 48.85/86 per dollar at 1030 hours.

The domestic currency hovered in a range between Rs. 48.76 and Rs. 48.88 per dollar during morning deals.

Month-end dollar demand from oil refiners, coupled with a higher dollar in overseas markets, mainly affected the rupee value against the U.S. currency, a forex dealer said.

In Sydney, Japan sold an undisclosed amount of yen in the foreign exchange market, resulting in the U.S. dollar and euro climbing sharply against the currency.

Meanwhile, the BSE benchmark Sensex was down by 94 points, or 0.53 per cent, in early trade.

PTI