Re weakens by 17 paise against $

The Indian rupee depreciated by 17 paise to 47.24 against the $ in early trade today as banks bought the currency on behalf of importers and after the $ stabilised against a basket of currencies in Asian markets.

At the Interbank Foreign Exchange (Forex) market, the local unit, which had ended six paise costlier at 47.07/08 yesterday, fell further to quote at 47.24.

Besides the greenback strengthening against other Asian currencies, expectations of a weak opening in the equity markets, in tandem with other Asian bourses, affected the rupee sentiment, forex dealers said.

The Asian markets are trading low by 1.5 per cent in early trade today.