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The rupee declined marginally by 5 paise to Rs 44.12 per US dollar in the early trade today on month-end dollar demand from importers despite dollar’s weakness in the overseas markets.
Month-end dollar demand from importers, mainly oil refiners, affected the rupee value against the dollar, a forex dealer said.
The domestic unit resumed steady at Rs 44.06/07 per dollar at the Interbank Foreign Exchange, against its overnight close of 44.07/08 per dollar, but declined immediately to Rs 44.12 per dollar before quoting at Rs 44.09/10 per dollar at 10.30 am.
It hovered in a restricted range between Rs 44.05 and Rs 44.12 per dollar in the morning deals.
In the Tokyo market, the dollar fell to a fresh four-month low against the Japanese yen and dropped against the euro in the early trade after the US House Republican leadership late on Thursday cancelled plans to vote on a plan to lift the US debt ceiling.
The dollar index, which tracks the US unit’s performance against a basket of six other currencies, fell to 74.081 from 74.210 in late North American trade on Thursday.
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