Rupee down 7 paise in early trade
Falling for the fourth straight day, the rupee on Tuesday weakened by 7 paise to Rs 59.22 per dollar in early trade on the Interbank Foreign Exchange market, weighed down by dollar’s gains against other currencies.
Forex dealers said besides dollar’s gains against other currencies overseas, increased demand for the American currency from importers put pressure on the rupee. They said, however, a higher opening in the domestic equity market ahead of RBI policy meeting capped the rupee’s losses.
The rupee had lost 4 paise to close at 59.15 against the US dollar in yesterday’s trade due to sustained demand for the US currency from importers, amid firm dollar overseas.