Re down by 24 paise at 48.89 a $ in early trade

The Indian rupee today fell by 24 paise against the $ in early trade on expectation of heavy capital outflows and increased dollar demand from importers.

At the Interbank Foreign Exchange (Forex) market, the domestic unit declined by 24 paise to 48.89 a $ over its previous close. The rupee appreciated by 26 paisa to close at 48.65/66 in the previous session on Friday.

Forex dealers said rupee turned weak on anticipation of increased capital outflows as the stock markets may open on a weak note in line with other Asian bourses, which are down up to 5.2 per cent in morning trade.They said dollar demand from importers, particularly refiners, also put pressure on the rupee.