Rupee weakens 19 paise against dollar in early trade
Mumbai: Continuing its slide for the third straight day, the rupee depreciated by another 19 paise to trade at 66.07 against the dollar in early trade today on foreign funds outflows amid a lower opening in the domestic equity market.
Besides, persistent demand for the American currency from importers and banks and dollar’s strength against other currencies overseas on expectations of a US interest rate hike weighed on the rupee, forex dealers said.
The rupee had ended 15 paise lower at 65.88 yesterday on sustained demand for the American currency from banks and importers amid a big fall in domestic equities.
Meanwhile, the benchmark Sensex plunged 265.36 points, or 1.03 per cent, to 25,386.48 in early trade.