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The rupee was down by 8 paise to Rs 49.03 per US dollar in early trade on Wednesday on good dollar demand from banks and importers on the back of dollar firmness in the overseas markets.
The rupee resumed slightly lower at Rs 48.97/98 per dollar on the Interbank Foreign Exchange, as against the previous close of Rs 48.95/96 per dollar, and moved down further to Rs 49.03 per dollar before quoting at Rs 48.96/97 per dollar at 10.30 a.m.
The domestic currency hovered in a range between Rs 48.85 per dollar and Rs 49.03 per dollar during morning deals.
Mild dollar demand from banks and importers on the back of a higher dollar in the overseas markets mainly affected the rupee value against the dollar, a forex dealer said.
In the Sydney market, the dollar advanced in early trade, rebounding a tad after falling in the previous session amid renewed optimism that Europe is on the path to finding a solution to its debt woes.
The dollar index, which measures the greenback against a basket of six currencies, was being quoted at 77.067, just up from 76.977 recorded in late North American trading on Wednesday.
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