Rupee down by 17 paise vs dollar

The Indian rupee fell by 17 paise to Rs 52.88 per US dollar in early trade today on fresh month-end dollar demand from importers despite weakness of the American currency in overseas markets.

The rupee resumed lower at Rs 52.80/81 per dollar on the Interbank Foreign Exchange, as against its previous close of Rs 52.71/72 per dollar, and dropped further to Rs 52.88 per dollar before quoting at Rs 52.86/87 per dollar at 1030 hours.

The domestic currency hovered in a range between Rs 52.76 and Rs 52.88 per dollar during morning deals.

Month-end dollar demand from importers, mainly oil companies, affected the rupee value against the dollar, a forex dealer said.

Meanwhile, crude oil was up in Asian trade today amid thin trade as Middle East geopolitical tension pushed up long-term prices of the commodity, analysts said. In morning trade, New York's main contract, light sweet crude for February delivery, was trading two cents higher at USD 99.70 a barrel.