Rupee down 25 paise against dollar in early trade

The rupee weakened further by 25 paise to trade at a fresh two-month low of Rs. 62.80 against the U.S. dollar in early trade on Tuesday at the Interbank Foreign Exchange due to rise in the greenback’s value against other currencies overseas.

Dealers attributed the fall in rupee to dollar’s gains against other currencies overseas and a lower opening in the domestic equity market.

Besides, increased demand for the American currency from importers too weighed on the rupee, they said.

The Indian rupee had lost 39 paise to close at a two-month low of 62.55 against the American currency on Monday after better-than-expected jobs data spurred expectations of an early hike in U.S. interest rates.

Meanwhile, the benchmark BSE Sensex fell by 34.84 points, or 0.12 per cent, to 28,809.94 in early trade on Tuesday.