The Indian rupee dropped by another 17 paise to 44.65 against the US dollar in early trade on the back of persistent demand for the American currency from importers amid a fall in the equity markets.
Good dollar-buying by importers, mainly oil refiners, to meet their monthly requirements put pressure on the rupee, a forex dealer said.
A sharp fall in equity markets also weighed on the rupee as the Indian benchmark Sensex fell by 200 points in early trade.
At the Interbank Foreign Exchange, the local currency opened weak at 44.55/56 per dollar as against yesterday’s closing level of 44.48/49 and moved down further to 44.65 per dollar before quoting at 44.57/58 per dollar at 1030 hours.
The rupee moved in a range between 44.55 and 44.65 in morning deals.
