Rupee softens 13 paise against dollar in early trade

Mumbai: The rupee weakened 13 paise to 68.51 against the US dollar in early trade today, snapping its two-session gaining spree at the Interbank Foreign Exchange on fresh demand for the American currency from banks and importers.

Dealers attributed the rupee’s fall to the dollar’s strength against some other currencies overseas on speculation that the Federal Reserve will raise interest rates in December but a higher opening of the domestic equity market and country’s GDP accelerating to 7.3 per cent in the September quarter, capped the fall.

Yesterday, the rupee had continued its strong recovery for the second day, surging by 27 paise to close at 68.38 against the US currency.

Meanwhile, the benchmark BSE Sensex rose by 116.51 points or 0.43 per cent to 26,769.32 in early trade.

PTI