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Rupee drops 29 paise against dollar in early trade

Press Trust of India  |  Mumbai 

The rupee was trading lower by 29 paise at 66.82 against the American currency in early trade today at the market as the dollar strengthened overseas amid a lower opening of the domestic equity market.

dealers said increased demand for the US currency from importers and the greenback's gains against other currencies overseas after minutes of the Federal Reserve's last meeting pointed at an hike this year, put pressure on the rupee.

On Monday, the rupee had gained 15 paise to end at 66.53 against the American currency on hopes of more foreign capital inflows.

market remained closed on Tuesday and Wednesday on account of Dussehra and Muharram, respectively.

Meanwhile, the benchmark fell by 265.21 points, or 0.94 per cent, to 27,817.13 in early trade today.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, October 13 2016. 09:57 IST