The Indian rupee was down by 44 paise at a fresh two-year low of 48.25 rupees per US dollar in early trade today. The rupee resumed lower at 48.16 per dollar on the Interbank Foreign Exchange, as against its previous closing level of rupees 47.82 per dollar, before tumbling to 48.25 Rupees, a level last seen on September 25, 2009, as worries over Europe's debt crisis deepened.