The Indian rupee today eased by nine paise to a seven-week low of 48.97 against the $ in early trade on expectations of higher capital outflows by funds as the stock markets may open lower in line with other weak Asian markets.
At the Interbank Foreign Exchange (forex) market, the domestic currency remained weak and lost 9 paise to quote at 48.97 over previous close of 48.88/89. Yesterday, it ended at 48.88/89 against the $, cheaper by 44 paise.
Forex dealers said the slide in equity market raised fears of capital outflows as foreign institutional investors pulled out sizeable funds in the past two sessions.
