Rupee weakens by 16 paise against dollar in early trade
The Indian rupee weakened by 16 paise to 64.66 against the US dollar in early trade on Tuesday following increased demand for the American currency from importers and banks.
The rupee weakened by 16 paise to 64.66 against the US dollar in early trade on Tuesday following increased demand for the American currency from importers and banks amid a lower opening of the domestic equity market.
ALSO READ: Rupee likely to trade in narrow range of 64.10 to 64.80 this week
Forex dealers said the US dollar's gain against other currencies overseas and a lower opening of the domestic equity market put pressure on the rupee.
The rupee had weakened by 6 paise against the American currency to end at 64.50 on Monday on month-end demand for the dollar from importers.
Meanwhile, the benchmark BSE Sensex retreated from the record close by falling 41.24 points, or 0.13%, to quote at 31,068.04 in early trade.
ALSO READ: Rupee appreciation likely to hurt margins of TCS, Infosys, others in Q1 FY18: Experts
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.