| Date: |
02-11-2011 |
| Subject: |
Rupee declines 7 paise against dollar in early trade |
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The Indian rupee fell by 7 paise to Rs 49.33 per dollar in early trade on Wednesday, weighed down by dollar gains against the euro and other currencies overseas and a weak trend in the domestic equity market.
At the Interbank Foreign Exchange, the domestic unit tumbled by 57 paise to end at Rs 49.26/27 per dollar in the previous session amid weak stocks and a strong dollar overseas.
PERSPECTIVE: Why all the fuss over rupee depreciation?
Dealers said weakness of euro against the dollar overseas on fresh fears over the European debt crisis after Greece announced a referendum on its latest bailout deal, besides and a lower opening in the domestic stock market, put pressure on the rupee.
Meanwhile, the BSE Sensex Index fell by 92.09 points, or 0.53 per cent, to 17,388.74 in opening trade on Wednesday.
Source : businesstoday.intoday.in
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