Rupee depreciates to 48.20 against dollar

MumbaiThe Indian rupee after appreciating by 26 paise in the opening trade, turned weak to trade 32 paise down against the US currency at 1100 hrs on capital outflow concerns in line with weak trend on the domestic bourses.
In quiet trade at the Interbank Foreign Exchange (forex) market, the domestic currency strengthened to Rs 48.20 after steady opening at 48.45/47 a dollar from its last close of 48.45/46 against the greenback and later fell by 32 paise to 48.78 at 1100 hrs.
Forex dealers said the rupee failed to get any support from lower crude oil prices in view of increased possibility of a rate cut in the near future.
Global crude oil prices traded below USD 40 a barrel level at around USD 39 in Asian trade on Monday.
Weakness in local stocks amid capital outflows also weighed on the rupee sentiment, they added.
Indian benchmark Sensex was down 139 points or 1.49 per cent at 1015 hrs while Asian markets witnessed mixed trend in early trade: Source: Financial Express