Rupee down 19 paise in early trade
The rupee weakened by 19 paise to 60.32 against the U.S. dollar in early trade on Wednesday at the Interbank Foreign Exchange market on high demand for the American currency from importers.
Forex dealers said though increased demand for the U.S. currency from importers put pressure on the rupee but a higher opening in the domestic equity market and the dollar’s weakness against other currencies overseas, capped the losses.
On Tuesday, the rupee strengthened by seven paise to close at 60.13 against the U.S. currency on the back of a sharp rise in local equities, following a drop in global crude oil prices. Meanwhile, the benchmark BSE Sensex rose 58.90 points, or 0.23 per cent, to 25,427.80 in early trade on Wednesday.