Continuing its fall for the fifth straight day, the rupee lost another 12 paise to trade at a fresh 10-month low of 62.45 against the US dollar in early trade today at the Interbank Foreign Exchange due to sustained demand for the American unit from importers.
Forex dealers said apart from dollar’s gains against other currencies overseas on upbeat US retail sales data, increased demand from oil importers for the American currency kept pressure on the rupee but a higher opening in the domestic equity market capped the fall.
The rupee had plummeted to a 10-month low of 62.33 against the greenback, down 31 paise in yesterday’s trade, on strong dollar demand due to oil firms stepping up purchases of crude oil which is trading near 5-year lows.
