Extending losses for the second straight day, the rupee depreciated 11 paise to 63.68 against the dollar in early trade today at the Interbank Foreign Exchange market as the American currency firmed up overseas.
Forex dealers said besides the dollar’s gains against other currencies overseas, increased demand for the American unit from importers and a lower opening in the domestic equity markets put pressure on the rupee.
The rupee had declined 5 paise to close at 63.57 in yesterday’s trade on fresh dollar demand from banks and importers amid a sharp fall in equities.
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Meanwhile, the benchmark BSE Sensex was trading lower by 40.86 points, or 0.14 per cent, at 27,603.02 in early trade.
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