Rupee loses ground, down 11 paise against dollar
Increased demand for the dollar from importers weighed on the local currency
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<a href="http://www.shutterstock.com/pic-111991067/stock-photo-dice-on-rupee-coins-on-indian-currency-notes.html" target="_blank">Rupee</a> image via Shutterstock
The rupee depreciated by 11 paise to 63.78 against the US dollar in early trade today at the Interbank Foreign Exchange due to appreciation of the American currency overseas riding on strong economic data.
Forex dealers said increased demand for the dollar from importers also weighed on the local currency, but a higher opening in the domestic equity market limited rupee's fall.
The rupee had recovered by five paise to close at 63.67 against the US currency in the previous session due to fag-end selling of dollars by banks and exporters.
Meanwhile, the benchmark BSE Sensex rose 206.93 points, or 0.74%, to 27,852.56 in early trade.
Forex dealers said increased demand for the dollar from importers also weighed on the local currency, but a higher opening in the domestic equity market limited rupee's fall.
The rupee had recovered by five paise to close at 63.67 against the US currency in the previous session due to fag-end selling of dollars by banks and exporters.
Meanwhile, the benchmark BSE Sensex rose 206.93 points, or 0.74%, to 27,852.56 in early trade.
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First Published: May 20 2015 | 9:42 AM IST