Rupee down 18 paise

The rupee on Monday lost 18 paise to Rs. 54.36 against the US dollar in early trade on the Interbank Foreign Exchange due to appreciation of the American currency against the euro overseas.

Increased demand for the dollar from importers and banks also put pressure on the rupee.

Dealers attributed the rupee’s fall to dollar gains against the euro overseas but a higher opening in the domestic stock market limited the fall.

The rupee had lost 24 paise to close at nearly one—week low of Rs 54.18 against the dollar in yesterday’s trade.