Rupee loses 3 paise to 30-month low of Rs 50.20 per US dollar

The Indian rupee fell by 3 paise to a 30-month low of Rs 50.20 per US dollar in early trade on the Interbank Foreign Exchange on Friday on sustained demand for the American currency from banks and importers.

The domestic currency had tumbled by 70 paise to Rs 50.17/18 per dollar in the previous session amid dollar demand from banks and importers and firmness of the American currency overseas.

Heavy dollar demand from importers, mainly oil refiners, and some banks weighed on the rupee's fortunes, dealers said.

The downgrade of the Indian banking system to 'negative' from 'stable' by global rating agency Moody's also had a negative impact on the rupee sentiment, they added.

Meanwhile, the BSE benchmark Sensex fell by 194.19 points, or 1.11 per cent, to 17,167.91 in opening trade on Friday.