The rupee on Friday lost 31 paise to trade at fresh four-and-a-half-month low of Rs 53.72 against the U.S. dollar in early trade on the Interbank Foreign Exchange market due to increased demand for the American currency from importers.
Dealers attributed the rupee’s fall to a lower opening in the stock market and strong demand for the American currency from importers.
The domestic unit had lost a hefty 45 paise to close at four-and-a-half-month low of 53.41/42 against the U.S. currency on Thursday, owing to strong dollar demand from importers amid weak equities.
Meanwhile, the BSE benchmark index Sensex on Friday fell by 84.35 points, or 0.49 per cent, to 17,066.84.
Keywords: Forex market