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Rupee Drops By 26 Paise Against Dollar

Forex dealers said the dollar's gains against some other currencies overseas too weighed on the rupee sentiment.

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Rupee Drops By 26 Paise Against Dollar

Increased demand for the dollar amid rising crude prices hurt the rupee


Mumbai: 

The rupee weakened by 26 paise to 71.45 against the dollar in early trade on Monday, on increased demand for the greenback from importers amid rising crude prices and foreign fund outflows.

At the interbank forex exchange, the rupee opened lower at 71.38 and weakened further to quote 26 paise lower at 71.45 against the dollar.

Forex dealers said the dollar's gains against some other currencies overseas too weighed on the rupee sentiment.

However, a positive opening of the domestic equity market capped the rupee's losses, they said.

Brent crude, the international oil benchmark, was trading 0.46 per cent higher at $62.99 per dollar, its two-month high.

On Friday, the rupee had shed 16 paise to end at 71.19 against the dollar.

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