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The rupee was down by 41 paise to a two-week low of Rs 49.88 per US dollar in early trade today on sustained demand for the American currency from importers and banks.
The rupee resumed higher at Rs 49.40/41 per dollar, but later fell sharply to 49.76/77 at the Interbank Foreign Exchange market from its previous close of 49.47/48 per dollar and dropped further to Rs 49.88 per dollar at 10.30 a.m.
Strong dollar demand from banks, importers and oil refiners mainly affected the rupee value against the dollar, a forex dealer said.
In the New York market, the US dollar fell against the euro yesterday following reports that the Italian Prime Minister, Mr Silvio Berlusconi, will resign after the 2012 Budget gets approved.
Meanwhile, New York’s main contract light sweet crude oil for delivery in December gained 36 cents to $97.16 per barrel.
The BSE benchmark Sensex edged up by 7 points or 0.04 per cent in the early trade today.
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