The Indian rupee today lost further ground and was down by 25 paise at 48.85/86 against the $ in early trade on heavy capital outflows amid expectations that the stock market will open lower.
At the Interbank Foreign Exchange (Forex) market, the domestic unit, which touched over one-month low of 48.60/61 yesterday, fell further by 25 paise at 48.85/86 in early trade.
Marketmen said equity markets are expected to open lower, in tandem with other Asian markets, thus leading to heavy capital outflows.
Besides, hardening of the $ against major currencies overseas also weighed on rupee sentiment, they said.
Meanwhile, crude oil prices dropped below $67 a barrel today, pressured by a stronger $ and weaker European equities.
