Rupee down 22 paise against dollar in early trade

The rupee declined by 22 paise to Rs. 51.74 per U.S. dollar in early trade on the Interbank Foreign Exchange on Monday due to appreciation of the U.S. currency against the euro and other currencies overseas.

Traders said the dollar gained against the euro on renewed debt concerns in the region after rating agency Standard and Poor’s cut the rating of nine European nations.

Meanwhile, the BSE benchmark Sensex was down by 64.50 points, or 0.40 per cent, at 16,090.12 in opening trade.

The rupee had gained 9 paise to close at a fresh six-week high of Rs. 51.52/53 per U.S. dollar in the previous trading day amid increased foreign funds inflow.