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The Indian rupee fell 47 paise to Rs 47.73 per US dollar in early trade on the Interbank Foreign Exchange on Monday amid a lower opening in the domestic stock and appreciation of the US currency against the euro overseas.

"The RBI has taken the correct decision. In the context of rising inflation, RBI had no other option but to raise interest rates," PMEAC Chairman C Rangarajan said.
State-owned oil companies hiked petrol prices by Rs 3.14 per litre as a fall in rupee increased the cost of importing the raw material.
Overall inflation, as measured by the Wholesale Price Index (WPI), stood at 9.22 per cent in July. The rate of price rise stood at 8.87 per cent in August 2010.