Rupee dips by 28 paise in early trade

The Indian rupee today declined by 28 paise to a one-week low against the $ in early trade on month-end dollar demand from importers and firmness in the US currency against major Asian currencies.

At the Interbank Foreign Exchange (forex) market, the domestic currency was quoted at 48.58 a $, a loss of 28 paise over the previous close.

The rupee yesterday lost 21 paise to close at 48.30/31 a $.

Dealers said month-end $ demand from refiners and importers and firming US dollar overseas weighed on the Indian unit.

Expectations of capital outflows from weak stock markets also put pressure on the rupee.