Rupee drops 14 paise against US dollar

PTI  | Deccan Chronicle

Business, Market

Rupee is trading at 65.78, against the US dollar in early trade at the interbank forex market.

Dealers attributed the rupee's persistent fall to increased demand for the US currency from importers and foreign fund outflows. (Photo: PTI)

Mumbai: The rupee weakened by another 14 paise, nearing a fresh seven-month low of 65.78, against the US dollar in early trade at the interbank forex market on Wednesday on fresh demand for the greenback from importers and banks.

Dealers attributed the rupee's persistent fall to increased demand for the US currency from importers and foreign fund outflows.

On Tuesday, the rupee had lost 15 paise to end at a near 7-month low of 65.64 against the US dollar amid persistent capital outflows and a fresh ripple of geopolitical tensions.

Concerns over oil prices, a global trade war threat, and the widening current account deficit have also weighed on the domestic unit.

Meanwhile, the benchmark BSE Sensex advanced by 110.13 points, or 0.32 per cent, to 34,505.19 in the opening trade on Wednesday.

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