Rupee weakens against US dollar

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The rupee was quoted more than five paise lower against the US currencies at 39.3450/3500 a dollar in morning trade on Monday largely to due sliding equity markets.

Asian stock markets, particularly China, Hong Kong, Japan and India, were down by over 2 per cent during early trade on fears of the US recession.

In dull trade at the Interbank Foreign Exchange (forex) market, the local currency resumed weak at 39.34/36 a dollar from Friday's close of 39.2950/3050 a dollar and later moved in one and half paise range either-way. It was quoted at 39.3450/3500 a dollar in late morning trade.

A fall in the benchmark Sensex by 692 points to 18321.33 in late morning trade weighed on the rupee sentiment, forex dealers said.