Rupee depreciates to 48.66 against dollar

The Indian rupee depreciated by seven paise against the greenback in early trade on Tuesday on increased dollar demand from importers and state-run banks amid weak Asian currencies.

At the Interbank Foreign Exchange (Forex) market, the domestic currency traded lower at 48.66 against the US currency, a fall of seven paise over the previous close of 48.59/60 a dollar.

Yesterday, the rupee ended almost flat at 48.59/60 after remaining firm in early trade.

Dealers said heavy dollar demand from importers and state-run banks on behalf of refiners, and strengthening of the US currency against other Asian currencies mainly put pressure on the Indian rupee.

They said, however, gains on the domestic stock markets avoided any sharp slide in the rupee value.