Rupee down 30 paise against dollar in early trade

Rupee down 30 paise against dollar in early trade

The rupee fell by 30 paise to trade at 62.13 against the US dollar in early trade today at the Interbank Foreign Exchange market on strong demand for the American currency from importers.

The domestic unit had lost 58 paise to close at 61.83 against the dollar in the previous session on weak local stocks and sustained demand from importers for the greenback.

Besides, dollar's strength against other Asian currencies overseas on speculation the US Federal Reserve may scale back its stimulus programme weighed on the rupee, dealers said.

They said negative domestic fundamentals, such as weak Industrial production data which contracted by 1.8 per cent in October this year and retail inflation climbing to a nine-month high of 11.24 per cent in November, too put pressure on the rupee.

Meanwhile, the benchmark BSE Sensex fell by 163.25 points, or 0.78 per cent, to 20,762.36 in early trade.

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