Rupee down 8 paise at 48.55 a dollar

Mumbai: The Indian rupee on Wednesday fell by 8 paise to 48.55 against the US currency in early trade breaking its five-day gaining streak on expectations of fresh capital outflows as the stock markets may open lower in line with other weak Asian markets.

The demand for the dollar from importers also put some pressure on the Indian rupee.

At the Interbank Foreign Exchange market, the domestic unit slipped from a two-week high to trade 8 paise down at 48.55 a dollar. On Tuesday, the rupee had ended 18 paise higher at 48.47/48 against the US currency.

Forex dealers said the rupee turned weak on anticipation of fresh capital outflows as the stock markets may commence lower, taking cues from Asian bourses which are down up to 0.9 per cent in morning trade.

Besides, some dollar demand from importers also led to the downward movement in the rupee.