Indian rupee drops 28 paise against US dollar

By: |
Mumbai | Updated: Apr 30, 2015 9:49 AM

The Indian rupee weakened by 28 paise to 63.58 against the US dollar in early trade today at the Interbank Foreign Exchange.

Indian rupee vs us dollarThe Indian rupee weakened by 28 paise to 63.58 against the US dollar in early trade today at the Interbank Foreign Exchange. (Reuters)

The Indian rupee weakened by 28 paise to 63.58 against the US dollar in early trade today at the Interbank Foreign Exchange due to month-end demand for the American currency from importers amid capital outflows.

Forex dealers attributed the fall in the rupee to month-end demand for the US dollar from importers and sustained capital outflows amid a lower opening in the domestic stock market.

They said, however, dollar’s weakness against the euro as the chances of an US interest rate hike faded, capped the rupee’s fall.

The rupee had lost 15 paise to end at 63.30 against the dollar in yesterday’s trade.

Meanwhile, the benchmark BSE Sensex fell by 160.64 points or 0.59 per cent to 27,065.29 in early trade.

For Updates Check Banking & Finance News; follow us on Facebook and Twitter

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Why traditional banks need to partner with fintech firms for delivering essential banking solutions
2Paytm to not charge any fee on wallet payments for merchants; move to benefit 1.70 crore users
3Let us declare NPAs, banks to Supreme Court; govt pleads against sector-specific relief