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Rupee sheds 20 paise against US dollar in early trade

Forex dealers say increased foreign capital inflows into the Indian market after the government permitted up to 100 per cent FDI in single-brand retail and dollar losses against the euro in overseas markets mainly provided support to the rupee.

twitter-logoPTI | January 11, 2012 | Updated 11:42 IST

The Indian rupee fell by 20 paise to Rs 51.90 per US dollar in early trade on Wednesday on fresh dollar demand from banks and importers.

The rupee resumed lower at Rs 51.84/85 per dollar on the Interbank Foreign Exchange, as against its previous close of Rs 51.70/71 per dollar, and fell further to Rs 51.90 per dollar before quoting at Rs 51.86/87 per dollar at 1030 hours.

The domestic currency moved in a range between Rs 51.60 and Rs 51.90 per dollar during morning deals.

Fresh dollar demand from banks and importers at current levels mainly affected the rupee value against the dollar, a forex dealer said.

Meanwhile, crude oil prices slid by 54 cents to $101.70 per barrel in early Asian trade as traders booked profits on the back of recent gains, with weak US energy demand dampening the market mood despite concerns over the situation in Iran and Nigeria, analysts said.

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