Rupee down by 57 paise Vs dollar

Breaking its four-session gaining string, the rupee today tumbled by 57 paise to close at 49.26/27 against the US currency following distinctly weak equities amid strong dollar overseas.

Weakness in euro abroad on renewed concerns over the eurozone debt problems after Greece decided to hold a referendum on the bail out plan weighed on the rupee as dealers went for the dollar as a safe investment.

Fresh dollar demand from importers and also some banks on hopes of further rise in dollar value, put pressure on the rupee while continued capital inflows did a little bit to stem the rupee fall.

At the Interbank Foreign Exchange (Forex) market, the local currency commenced lower at 48.83/84 a dollar from last close of 48.69/70 and touched the day's high of 48.80.

However, it later fell back sharply to a low of 49.3150 before concluding at 49.26/27, showing a fall of 1.17%. In last straight four trading sessions, it had surged by 132 paise or 2.64%.

The BSE benchmark Sensex today plunged by over 224 points or 1.27% on sluggish global advices.

"Looking at the global scenario one can expect Rupee to trade near 50.00 levels in coming days and the trading range for the USD/INR will be 49.00 to 49.50 tomorrow," Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said.