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Rupee down 20 paise against dollar in early trade

Mumbai (PTI):The rupee fell by 20 paise to 62.43 against the dollar in early trade today at the Interbank Foreign Exchange market on demand from importers for the US currency amid a lower opening in the domestic market.

Forex dealers said besides fresh demand for the American currency from importers, a hike of 25 basis points in key lending rates by the Reserve Bank on Friday and a lower opening in the equity market mainly put pressure on the rupee but dollar’s weakness against other currencies overseas, limited the fall.

The rupee had lost 46 paise to 62.23 against the dollar in the previous session after a surprise rate hike by the RBI.

Meanwhile, the BSE benchmark Sensex fell by 206.61 points, or 1.01 per cent, to 20,057.10 in early trade today.

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