The Indian rupee snapped its four-session winning rally by slipping 12 paise to Rs 44.54 per US dollar in early trade today on fresh demand for the American currency from banks and corporates on the back of a higher dollar overseas.
The rupee resumed lower at Rs 44.47/48 per dollar on the Interbank Foreign Exchange as against yesterday's close of Rs 44.42/43 and dropped further to Rs 44.54 per dollar before being quoted at Rs 44.51/52 per dollar at 1030 hours.
The domestic currency moved in a range between Rs 44.47 and Rs 44.54 per dollar in morning deals.
Renewed dollar demand from banks and corporates in view of the firming dollar in overseas markets mainly affected the rupee value against the dollar, a forex dealer said.
The US dollar index gained against major rivals in early trade in the Sydney market today, with investors still wary of Europe's sovereign debt problems.
