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The rupee was down by 37 paise to a fresh 30-month low of Rs 50.17 per US dollar in early trade today on sustained dollar demand from importers and some banks amid firmness of the American currency overseas.
The rupee resumed lower at Rs 50.01/02 per dollar at the Interbank Foreign Exchange market against its previous close of Rs 49.80/81 per dollar. It dropped further to Rs 50.17 per dollar, its lowest level since April 29, 2009, before quoting at Rs 50.02/03 per dollar at 10.30 am.
Forex dealers said heavy dollar demand from importers and oil refiners amid dollar’s firmness overseas mainly put pressure on the rupee.
In the New York market, the euro edged higher against the dollar yesterday after trading erratically in a tight range as market participants derived a little comfort from European leaders’ moves to contain the euro zone debt crisis.
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