Rupee down 11 ps vs USD in early trade

The Indian rupee depreciated 11 paise to 48.94 against the US currency today in early trade on dollar demand from oil refiners and importers and mixed cues from Asian equity markets.

At the Interbank Foreign Exchange (Forex) market, the domestic currency traded lower at 48.94 against the US currency, a fall of 11 paise over the previous close of 48.83/84 a dollar.

Yesterday, the rupee lost 55 paise to end at 48.83/84.

Dealers said heavy dollar demand from importers and state-run banks on behalf of refiners, and strengthening of the US currency against other Asian currencies mainly put pressure on the Indian rupee.

Among Asian markets, Japan's Nikkei was down 3.9 per cent, while Hong Kong's Hang Seng was up 0.32 per cent in early trade today.