Rupee plunges by 36 paise against dollar in early trade

Mumbai: The rupee plunged below 62-level by falling 36 paise at 62.05 against the US dollar in early trade at the Interbank Foreign Exchange due to fresh demand for the American currency from importers. Besides sustained foreign capital outflows, a lower opening in domestic equity markets kept pressure on the rupee, forex dealers said.

However, the dollar's weakness against other currencies overseas, capped the losses, they added.

The rupee had gained four paise to close at 61.69 against the US dollar on Friday on sustained selling of the American currency by banks and exporters. Meanwhile, the benchmark BSE Sensex tumbled by 286.49 points, or 0.99 per cent, at 28,431.42 in early trade on Monday.