Rupee Drops 29 Paise Against dollar in Early Trade
File photo of rupee.
Mumbai: The rupee was trading lower by 29 paise at 66.82 against the American currency in early trade on Thursday at the Interbank Foreign Exchange market as the dollar strengthened overseas amid a lower opening of the domestic equity market.
Forex dealers said increased demand for the US currency from importers and the greenback's gains against other currencies overseas after minutes of the Federal Reserves last meeting pointed at an interest rate hike this year, put pressure on the rupee.
On Monday, the rupee had gained 15 paise to end at 66.53 against the American currency on hopes of more foreign capital inflows.
Forex market remained closed on Tuesday and Wednesday on account of Dussehra and Muharram, respectively. Meanwhile, the benchmark BSE Sensex fell by 265.21 points, or 0.94 per cent, to 27,817.13 in early trade on Thursday.
Recommended For You
- IPL 2017: Virender Sehwag Accepts Commentary Challenge from Sunny Leone
- New Chevrolet Beat to Launch in India on May 25
- Priyanka to Rajkummar: Bollywood Actors Who've Mastered Roles in Disguise
- Azlan Shah 2017: Harmanpreet Slams Brace As India Blank Kiwis 3-0
- Jennifer Lopez's Latest Outfit Proves There's No One As Bold As Her