Rupee loses 11 paise in early trade

The rupee on Monday lost 11 paise to 55.17 against the US dollar in early trade on the Interbank Foreign Exchange due to appreciation of the American currency against the euro and other rivals overseas.

Month and year-end demand for the dollar from banks and importers also put pressure on the rupee.

Dealers attributed the rupee’s fall to dollar gains against the euro overseas and sustained demand for the American currency from importers to meet their month and year-end requirements.

The said, however, a higher opening of the domestic equity market, capped rupee’s losses.

The rupee had closed 21 paise lower at 55.06 a dollar on Friday.