The Indian rupee was down 3 paise at Rs. 49.46/47 per U.S. dollar at 1030 hours on Monday after moving in a wide range during morning trade.
The rupee resumed lower at Rs. 49.60/61 per dollar on the Interbank Foreign Exchange, as against last weekend’s close of Rs. 49.43/44 per dollar, and dropped further to Rs. 49.70 per dollar on good month-end dollar demand from importers.
However, it recovered afterward to Rs. 49.34 per dollar before quoting at Rs. 49.46/47 per dollar on selling of dollars by banks and corporates due to uncertainty in the currency market.
In the Sydney market, the euro got off to a wobbly and volatile start as investors reacted cautiously to mixed news on Europe’s escalating debt crisis.
The Indian benchmark Sensex was down by 195 points, or 1.21 per cent, in early trade today.