Rupee down by 24 paise at 48.89 a dollar in early trade

Mumbai, Aug 31 (PTI) The Indian rupee Monday fell by 24
paise against the US currency in early trade on expectation of
heavy capital outflows and increased dollar demand from
importers.

At the Interbank Foreign Exchange (Forex) market, the
domestic unit declined by 24 paise to 48.89 a dollar over its
previous close. The rupee appreciated by 26 paisa to close at
48.65/66 in the previous session on Friday.

Forex dealers said rupee turned weak on anticipation of
increased capital outflows as the stock markets may open on a
weak note in line with other Asian bourses, which are down up
to 5.2 per cent in morning trade.

They said dollar demand from importers, particularly
refiners, also put pressure on the rupee. PTI