Rupee down 14 paise against dollar in early trade

The rupee weakened by 14 paise to 59.92 against the U.S. dollar in early trade on Wednesday at the Interbank Foreign Exchange market on high demand for the American currency from importers.

Forex dealers said though increased demand for the U.S. currency from importers put pressure on the rupee but a higher opening in the domestic equity market and the dollar’s rise against other currencies overseas, capped the losses.

On Tuesday, the rupee strengthened by 23 paise to close at 59.78 against the U.S. currency after exporters and some banks sold the U.S. currency.

Meanwhile, the benchmark BSE Sensex rose 78.30 points, or 0.31 per cent, to 25,660.41 in early trade on Wednesday.