Indian rupee down 12 paise against US dollar in early trade

Written by PTI | Mumbai | Updated: Apr 22 2014, 16:27pm hrs
RupeeIndian rupee had lost 30 paise to close at one-month low of 60.59 against the dollar yesterday. PTI
Continuing its slide, the rupee today dropped further by 12 paise to 60.71 against the American currency in the early trade on persistent dollar demand from banks and importers triggered by higher greenback overseas.

The rupee resumed lower at 60.66 per dollar as against the last closing level of 60.59 at the Interbank Foreign Exchange market and dropped further to 60.80 per dollar before quoting at 60.71 at 1000 hours.

It hovered in a range of 60.61 per dollar and 60.80 per dollar during the morning deals. Sustained dollar demand from banks and importers on the back of firm dollar in the overseas market mainly affected the rupee value against the dollar, a forex dealer said.

However, persistent foreign capital inflows into equity market restricted the rupee's fall against the dollar, he added.

Meanwhile, BSE Sensex rose to an all-time high of 22,828.58 before quoting at 22,808.50 at 1000 hours, showing a rise of 43.67 points, or 0.19 per cent. In New York market, the US dollar rose to a two-week high against the Japanese yen yesterday after Japan's trade deficit expanded by more than expected last month.