The Indian rupee depreciated, in tandem with weakness in local stocks, and was quoted 25 paise lower at 48.55/57 against the greenback in early trade on Monday on some dollar demand from importers.
In lacklustre activity at the Interbank Foreign Exchange (forex) market, the domestic currency resumed weak at 48.53/55 a dollar from its last close of 48.28/29 a dollar and was steady at 48.55/57 a dollar in late morning deals.
Forex dealers said the rupee continued to remain under pressure as the Satyam accounts' scandal triggered fears of more capital outflows from the country despite some leading fund managers ruling out possibility of any capital outflow because of the Satyam fiasco.
They said oil refiners bought dollars as the global oil prices fell to around USD 40 a barrel level in Asian trade on Monday morning.
The Indian benchmark Sensex was down 268 points at 1030 hours after some foreign brokerages pointed to disappointing third quarter earnings likely to be affected by high input costs and the current liquidity crisis.
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