The Bold Voice of J&K

Rupee down 34 paise against dollar in early trade

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rupee dollarMumbai, Dec 17 (PTI) Extending its losses for the third straight day, the rupee fell by 34 paise to trade at fresh 13-month low of 63.87 against the dollar in early trade today as the US currency strengthened overseas amid increased capital outflows.

Forex dealers said besides the dollar’s gains against other currencies overseas, heavy demand from oil importers for the American currency and a weak opening in the domestic stock market continued to put pressure on the rupee.

The domestic unit had plummeted to 13-month low of 63.53 by falling 59 paise against the dollar in yesterday’s trade due to heavy demand for the US currency from importers and some banks amid falling oil prices and chaos in stock markets.

Meanwhile, the benchmark BSE Sensex declined by 117.04 points, or 0.44 per cent, to 26,664.40.

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