Rupee down 34 paise to nearly 2-yr low against US dollar

The Indian rupee tumbled 34 paise to an almost two-year low of Rs 47.93 per US dollar in early trade on the Interbank Foreign Exchange on Wednesday as the American currency firmed up against other major rivals overseas.

Dealers attributed the rupee's fall to a level last seen in September 2009, to strong dollar demand from importers and some banks and dollar gains against other currencies.

They said the continued slide in the equity market also put pressure on the Indian rupee.

The currency on Tuesday had fallen 37 paise to close at a nearly 16-month low of Rs 47.59/60 against the American currency on persistent dollar demand from importers and banks.

Meanwhile, the Bombay Stock Exchange benchmark Sensex was down 71.30 points, or 0.44 per cent, at 16,396.14 in opening trade on Wednesday.