The Bold Voice of J&K

Rupee down 22 paise against dollar in early trade

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rupee depreciationMumbai, Dec 1 (PTI) The rupee lost 22 paise to trade at a fresh nine-month low of 62.25 against the US dollar in early trade today at the Interbank Foreign Exchange due to rise in the greenback’s value against other currencies overseas.

Dealers attributed the fall in rupee to dollar’s gains against the euro and yen overseas.

However, a higher opening in the domestic stock market limited the fall of the domestic currency.

The rupee had tumbled 16 paise to close at almost a nine-month low of 62.03 against the dollar on Friday following sustained dollar demand from importers, including oil firms.

Meanwhile, a sluggish agriculture and manufacturing sector performance restricted the GDP growth rate at 5.3 per cent in the second quarter, raising the clamour for a rate cut by the RBI in its policy due tomorrow.

The benchmark BSE Sensex rose by 94.55 points, or 0.33 per cent, at 28,788.54 in early trade today.

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