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Today, Rupee opened lower by 11 paise at Rs. 44.55 per dollar and was dragged further down to the day's low of 44.71 by uneven local shares.
A Forex dealer has said that the sustained dollar demand from banks and importers on the back of firm dollar in overseas market coupled with capital outflows from foreign funds affected the rupee value against the dollar. As a result, the Indian benchmark Sensex fell by another 108 points during the early trade. It is believed that extended decline in the local shares will add pressure on the domestic units.
Moreover, gains in Dollar suggest that rupee will dip further. In the spot currency market, the Indian unit was last seen trading at 44.68 at 10.30 am (IST), lower by around 24 paise or 0.55% as compared to previous close at 44.44.
The US dollar index, which tracks the Dollar against a trade-weighted basket of six major currencies, rose by around 0.05% at 75.54. Among Asian currencies, the Taiwan dollar was down 0.24% at 29.16, the South Korean won
0.41% at 1092.82 and the Indonesian Rupiah by 0.14% at 8689.50 as against the US dollar.