The Indian rupee was down by 12 paise at Rs. 44.20 per U.S. dollar in early trade today on fresh dollar demand from banks and importers in view of the recovery of the dollar in overseas markets.

The rupee resumed lower at Rs. 44.16/17 per dollar on the Interbank Foreign Exchange as against the last close of Rs. 44.08/09 per dollar and dropped further to Rs. 44.20 per dollar before quoting at Rs. 44.11/12 per dollar at 1030 hours.

The Indian currency moved in a range between Rs. 44.09 and Rs. 44.20 per dollar in morning deals.

Month-end dollar demand from oil refiners, coupled with the recovery of the dollar in overseas markets, mainly affected the rupee value against the dollar, a forex dealer said.

The U.S. dollar skidded to all-time lows against several currencies in the New York market yesterday as U.S. stocks reeled amid a political stalemate on raising the country’s debt ceiling, but later rebounded.

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