Indian Rupee falls against US Dollar in early trade

Business

oi-Monika

By Monika Nihalani

Published: Thursday, September 29, 2011, 11:45 [IST]

The partially convertible Indian Rupee fell in domestic trade over weak euro zone. Dollar again seen rising against the basket of currencies as political debate between the European leaders still continues over the rescue plan.

In the domestic currency futures market on the NSE, the Indian Rupee opened at 49.22, low from the previous close of 48.92 and was seen trading at 49.10/12 around 11:30 am IST.

The Indian Rupee has lost around 11% in the period of 3 months due to global uncertainties.

Greece's debt problems, followed by debt issues in Ireland, Portugal and Spain has taken a toll over the Euro, which has had an impact to other major currencies as well, diving dollar up.

Recently Crisil Research report mentioned, there is a huge demand for dollars from corporates to repay foreign borrowing, which is another reason Rupee weighed down against Dollar.