Rupee loses 4 paise against US dollar in early trade

Mumbai, Nov 17: The Indian rupee fell by 4 paise to Rs 50.78 per dollar in early trade today amid a weak opening in the equity market and demand for the American currency from oil refiners.

At the Interbank Foreign Exchange, the domestic unit depreciated by 7 paise to close at Rs 50.74/75 against the US currency after dropping to a 32-month low of Rs 51.01 in yesterday's trade on persistent dollar demand.

Forex dealers said a lower opening in the stock market, continued demand for the greenback from importers and dollar gains against other Asian currencies overseas mainly put pressure on the rupee. Meanwhile, the BSE Sensex index fell by 46.64 points, or 0.28 per cent, to 16,729.23 in opening trade today.

PTI