Rupee down 38 paise at one year low

Mumbai: The rupee on Monday fell by 38 paise to trade at over one-year low level of Rs 46.94 against the US currency in early trade, amid weakness of the euro and other Asian currencies against dollar.

Dealers said a slide in the euro, which hit a six-month low against the US dollar and a lower opening in the domestic stock market mainly kept pressure on the rupee.

The rupee had tumbled by 37 paise to close at a fresh one-year low of Rs 46.56/57 against the American currency in the previous session on Friday due to a steep fall in local stocks amid a firm dollar overseas.

Meanwhile, the Bombay Stock Exchange benchmark Sensex fell by 287.27 points, or 1.70 per cent, to 16,579.70 in opening trade on Monday.