Rupee down 11 paise against USD in early trade

The Indian rupee today turned weak and lost 11 paise to hit two-month lows of 49.11 against the US dollar in early trade on expectations of increased capital outflows.

The Indian rupee today turned weak and lost 11 paise to hit two-month lows of 49.11 against the US dollar in early trade on expectations of increased capital outflows.

Hardening of dollar against other leading currencies too put pressure on the local unit, forex dealers said.

At the Interbank Foreign Exchange (forex) market, rupee was quoted at 49.11 a dollar, lower by 11 paise from its previous close of 49.00/02.

The domestic unit closed 30 paise down at 49.00/02 against the US currency on Friday.

Forex dealers said the rupee remained under pressure on hopes of increased capital outflows by foreign funds as the local stock markets are expected to open on a weak note in line with other Asian bourses, which were down up to 1.94 per cent in the morning trade today.

The rupee dropped 2.3 per cent last week, its biggest weekly fall since early March.

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