Rupee declines by 9 paise against dollar in early trade

The rupee had gained 32 paise to close at 59.35 against the dollar on Friday’s trade. File photo: V.V. Krishnan

The rupee on Monday fell by nine paise to 59.44 against the dollar in early trade at the Interbank Foreign Exchange market on increased demand for the U.S. currency from importers amid a weak opening in local equities.

Forex dealers said besides increased demand for dollar from importers, a weak opening in the domestic equity market, mainly put pressure on the domestic currency.

The rupee had gained 32 paise to close at 59.35 against the dollar on Friday’s trade.

Meanwhile, the BSE benchmark Sensex declined by 19.89 points, or 0.10 per cent, to Rs 20,129.96 in early trade on Monday.