Rupee loses 17 paise vs dollar

The Indian rupee was down by 17 paise at Rs 45.80 per US dollar in early trade today on month-end dollar demand from importers, despite weakness of the greenback in overseas markets.

The rupee resumed lower at Rs 45.70/72 per dollar on the Interbank Foreign Exchange, as against its previous close of Rs 45.63/64 per dollar, and hovered in a range between Rs 45.70 and Rs 45.80 per dollar during morning deals before quoting at Rs 45.75/76 per dollar at 1030 hours.

Month-end dollar from importers, mainly oil refiners, was primarily responsible for the rupee's slide against the dollar, a forex dealer said.

In New York, the dollar had slipped against other major currency rivals yesterday as weak data out of the US and better news from Europe supported the euro amid further expectations that the Federal Reserve will take action to try to buoy the US economy.

Currency traders were also keeping close tabs on the solid gains in US stocks yesterday, an indicator that investors are shifting back to riskier assets.