Rupee hits seven-week low, down 38 paise vs dollar

MUMBAI: The rupee declined by 38 paise to hit a seven-week low of Rs 50.74 against the American currency in early trade today at the Interbank Foreign Exchange market on foreign fund outflows and strong dollar overseas.

Dealers said besides foreign fund outflows after a meltdown in equity market, dollar gains against other Asian currencies mainly pulled down the local currency to a level last seen on January 18.

Meanwhile, the BSE benchmark Sensex lost 117.83 points, or 0.69 per cent, to 17,055.46 in early trade.

The rupee had breached the 50-level mark after a gap of nearly six weeks by losing a hefty 52 paise to 50.36/37 against the dollar in yesterday.