Rupee slips 22 paise against dollar in early trade

Rupee slips 22 paise against dollar in early trade
Rupee slips 22 paise against dollar in early trade

The rupee depreciated by 22 paise to trade at over 10-month low of 62.51 against the dollar in early trade on Monday due to increased demand for the US currency from importers and a weak opening in domestic equity markets.

Forex dealers said besides fresh demand from importers for the American currency at the Interbank Foreign Exchange here, a lower opening in the domestic equity market after industrial output contracted by 4.2 per cent in October - he sharpest decline in at least two years - put pressure on the rupee.

Besides, dollar’s gains against other currencies overseas weighed on the rupee, they added. The Indian rupee after falling to over ten-month low of 62.50 against the dollar, bounced back to end 4 paise higher at 62.29 on Friday on selling of dollars by state-run banks on behalf of the RBI. Meanwhile, the benchmark BSE Sensex fell by 245.64 points, or 0.89 per cent, to 27,105.04 in initial trades on Monday.

Rupee slips 22 paise against dollar in early trade