Re drops 24 paise vs $ in early trade

The Indian rupee depreciated 24 paise to 47.52/53 a $ in the early trade today on sustained demand from importers for the American currency coupled with a strong $ in overseas markets.

In the Interbank Foreign Exchange (forex) market, the rupee resumed lower at 47.43/44 a $ from its previous close of 47.28/30 before quoting at 47.52/53 at 1030 hrs, showing a loss of 24 paise.

It moved in a range of Rs 47.40 and Rs 47.60 in the early trade.

Forex dealers said $'s firmness against major world currencies in the overseas market, also affected the rupee sentiment.

Dealers said month-end $ demand from oil refiners and importers also put pressure on the rupee.