Rupee drops 5 paise against dollar

The rupee fell by 5 paise to 62.36 against the dollar in early trade on Monday at the Interbank Foreign Exchange on rising demand for the American currency from importers.

Forex dealers attributed the fall in the rupee to the dollar’s strength against other global currencies and increased demand for the greenback from importers.

However, a higher opening in the domestic stock market capped the rupee’s fall.

The rupee on Friday had lost 7 paise to 62.31 on fresh demand for dollar from banks and importers as the greenback firmed up overseas on upbeat U.S. jobs data.