Rupee down 18 paise at 47.85/ $ in opening trade

The Indian rupee today moved further down by 18 paise against the US currency in opening trade on expectations of capital outflows by funds amid a weak dollar overseas.

In thin trading at the Interbank Foreign Exchange market, the local unit fell by 18 paise at 47.85 a $ in early trade over the previous close of 47.67.

Forex dealers said expectations of capital outflows as the stocks markets may open weak today in tandem with other Asian bourses, which are down up to 2 per cent, influenced the rupee sentiment.

Besides, dollar's weakness against major currencies overseas also weighed on the rupee, they said.