Re falls by 14 paise to 48.71/72 vs $

The Indian rupee fell back by 14 paise to 48.71/72 against the greenback in late morning deals due to firm dollar and expectations of passing of $829 billion economic recovery package in the US Senate today.

At the Interbank Foreign Exchange (Forex) market, the local currency resumed lower at 48.68/69 per dollar from last close of 48.57/58 and moved further downwards to quote at 48.71/72 in late morning deals, snapping a three-day winning string.

It moved in a range of 48.65 and 48.79 a $.

The $ was up against its major rivals in the Asian trade today in anticipation of passage of the stimulus package by the US Senate today.