Rupee drops 6 paise against dollar in early trade
The rupee fell by six paise to a fresh two-month low of 62.82 against the U.S. dollar in early trade on Wednesday at the Interbank Foreign Exchange due to rise in the Greenback’s value against other global currencies.
Forex dealers attributed the fall in the rupee to the dollar’s strength against other global currencies and sustained capital outflows but a higher opening in the domestic stock market capped the rupee’s fall.
The rupee had lost 21 paise to end at two-month low of 62.76 against the dollar in Tuesday’s trade on sustained dollar demand from importers amid rate hike concerns by the U.S. Federal Reserve. Meanwhile, the benchmark BSE Sensex recovered by 82.15 points, or 0.29 per cent to 28,792.02 in early trade on Wednesday.