Rupee sheds 28 paise to two-week low of Rs 49.75 per US dollar

Mumbai, Nov 9: The Indian rupee fell to a two-week low of Rs 49.75 per US dollar in early trade on the Interbank Foreign Exchange Wednesday, shedding 28 paise on sustained demand for the American currency from banks and importers.

However, a higher opening in the domestic equity market and firmness of the euro against the dollar overseas restricted the rupee's losses.

The domestic currency had tumbled by 37 paise to Rs 49.47/48 per dollar in the previous session amid dollar demand from banks and importers and firmness of the American currency overseas.

Dealers said increased dollar demand from banks and importers mainly put pressure on the Indian rupee Wednesday, but a firm euro and a higher start in the domestic equity market capped the losses.

Meanwhile, the BSE benchmark Sensex rose by 88.81 points, or 0.50 percent, to 17,658.34 in opening trade Wednesday.

PTI