Rupee down early trade as dollar strengthens globally

The rupee today depreciated by 17 paise to Rs 55.83 against the US dollar in early trade at the Interbank Foreign Exchange market, due to strengthening of the American currency overseas.

Forex dealers said, besides dollar's gains against the euro ahead of a European Central Bank meeting, a weak opening in the stock market and increased demand for the US currency also put pressure on the rupee.

The rupee had lost 13 paise to close at 55.66 yesterday due to fag-end dollar demand from importers.

Meanwhile, the BSE benchmark Sensex fell by 84.84 points, or 0.48 per cent, to 17,356.03.