The INR (Indian Rupee) has fallen by 22 paise to Rs. 49.16 against US dollar during early trade on Tuesday mainly due to high demand for dollars are banks and importers after it stabilized in foreign markets.

The Indian currency resumed lower at Rs. 49.08/09 per dollar on the Interbank Foreign Exchange compared to the previous close of Rs. 48.94/95 per dollar and then fell further to Rs. 49.16 per dollar. It reached the level of Rs.
49.13/14 per dollar.

Most morning deals were recorded in the range of Rs. 49.08 and Rs. 49.16 per dollar. Dealers believe that firmness of dollar in foreign markets led to banks and importers demanding more of the American currency.

The rupee had weakened due to weak domestic equities, a week Euro and some dollar demand from domestic oil companies. However, the Rupee found some support for growth from exporters' dollar selling. Traders expected the local currency to move between 49.00 and 49.25 through out the day on Tuesday.

Meanwhile, Dooalr also recorded gains against the Euro and most other major currencies yesterday in the New York market. The euro was at $1.3771, below $1.3786 at end of rupee trade on Monday