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The Indian rupee weakened to over three weeks low against the dollar, down 38 paise to Rs 62.07 in late morning trade on sustained bouts of demand for the greenback from banks and importers amid bullish US currency overseas.
The rupee resumed sharply lower at 62.00 as against last Friday's close of 61.69 at the Interbank Foreign Exchange (Forex) market here.
It further lost ground at Rs 62.12 and was quoting at 62.07 at 1035 hrs.
The local currency hovered in a range of 62.12-61.98 per dollar during late morning trade.
'Bearish equities and continued capital outflows affected the rupee sentiment, a dealer said.
In the New York market, the US dollar was trading strong against the basket currencies in early trade after robust US jobs data helped rekindle views that the Federal Reserve could hike interest rates as early as June.
Meanwhile, the benchmark BSE Sensex dropped 309.30 points, or 1.08%, to 28,408.61 in late morning deals.
