Rupee drops 15 paise against dollar in early trade
Mumbai : The rupee was trading lower by 15 paise at 68.22 against the American currency in early trade today at the Interbank Foreign Exchange market as the dollar firmed up overseas.
Forex dealers said apart from increased demand for the US currency from importers and dollar’s gains against other currencies overseas, India’s exports contracted 13.6 per cent in January, 14th month in a row, put pressure on the rupee.
They said, however, a higher opening in the domestic equity market, capped the rupee’s losses.
The rupee had strengthened further against the American currency by surging 16 paise to end at 68.07 in yesterday’s trade on fresh selling of dollars by banks and exporters on the back of a sharp recovery in the equity market.
Meanwhile, the benchmark BSE Sensex was trading higher by by 136.98 points or 0.58 per cent to 23,691.10 in early trade today.