Rupee drops 16 paise against US dollar

The rupee dropped by 16 paise to 64.16 against the US dollar in early trade trade at the interbank forex exchange today on fresh buying of the American currency by importers.

Traders said the dollar's strength against some currencies overseas on expectations of an interest rate hike this year weighed on the rupee.

Yesterday, the rupee had ended four paise higher at 64.00 on fresh selling of the American currency by exporters amid heavy foreign capital outflows.

Meanwhile, the benchmark BSE Sensex advanced by 120.62 points, or 0.37 per cent, to 32,307.03 in early trade.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)