Rupee Edges Lower Against Dollar In Subdued Start To New Year

Mumbai: The rupee depreciated by five paise on Monday to quote at 67.97 against the US dollar on the first trading day of 2017 due to fresh buying of the American currency by importers at the interbank foreign exchange.

Dealers said increased demand for the greenback from importers and a lower opening in the domestic market weighed on the rupee.

Besides, the dollar's gain against major world currencies and a weak trend at the domestic equity market also left its mark on the rupee.

The rupee had closed 18 paise higher at 67.92 against the dollar in the previous session on December 30, 2016.