The Indian rupee turned weaker in line with local stocks, falling by 35 paise to 48.30 against the dollar in early trade today on month-end demand for the US currency and firmness in American currency overseas.
The domestic currency resumed sharply lower at 48.27/29 a dollar against the previous close of 47.95/96 a dollar and later touched a low of 48.30 before being quoted at 48.15/16 a dollar in late morning deals.
Dealers at Interbank Foreign Exchange market said the local unit came under pressure as dollar rallied smartly against major world currencies in overseas market.
They said fresh dollar demand from oil refiners also weighed on the rupee sentiment.
The rupee, however, recovered part of its early losses due to mild dollar selling by exporters.
Indian benchmark Sensex was down 43 points at 1028 hours while Asian indices were trading sharply lower this morning.