Rupee depreciates to 48.16 against dollar

Rupee on Wednesday depreciated by 20 paise to trade at almost two-week low of 48.16 against the dollar for the second straight session in early trade on importers' demand for the US currency, which was also strong against other Asian currencies.

Expectations of capital outflows by foreign funds as stock markets may open in negative zone in line with other weak Asian markets, which were down up to 2.4 per cent in morning trade on Wednesday, also put pressure on the Indian unit.

At the Interbank Foreign Exchange market, the domestic currency was quoted 20 paise lower at 48.16 a dollar, lowest since July 31. The rupee had lost 15.50 paise to close at 47.96/97 against the US currency in Tuesday's trade.

Forex dealers said apart from demand from refiners and importers, firming US dollar against some other Asian currencies also put pressure on the Indian rupee.