Forex dealers said increased demand for the dollar from importers also weighed on the local currency...
Extending losses for the third straight session, the rupee declined by 14 paise to 63.56 against the US dollar in early trade today at the Interbank Foreign Exchange due to appreciation of the American currency overseas on the back of strong economic data.
Forex dealers said increased demand for the dollar from importers also weighed on the local currency, but a higher opening in the domestic equity market limited rupee’s fall.
The rupee had shed 12 paise to close at 63.42 against the US currency in the previous session on Thursday’s trade due to month-end dollar demand from importers and fall in stocks markets.
Meanwhile, the benchmark BSE Sensex rose by 113.12 points, or 0.41 per cent, at 27,603.71 in early trade.
The Forex market was closed on May 1 on account of Maharashtra Day and on May 4 for Budha Purnima.