Rupee down 17 paise, breaches 50-mark as dollar demand rises
Traders said the increased demand for the US currency from importers and weak opening in the equity market put pressure on the rupee.
Mumbai: The rupee declined 17 paise to breach the 50.01 mark against the US dollar in early trade on the Interbank Foreign Exchange market, amid increasing demand from importers for the American currency and weak equity markets.
[caption id="attachment_235541" align="alignleft" width="380" caption="The BSE benchmark Sensex fell by 173.96 points, or 1.0 percent, at 17,188.91 in opening trade."]
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Traders said the increased demand for the US currency from importers and weak opening in the equity market put pressure on the rupee. The rupee had dropped 34 paise to close at nearly 6-week low of 49.84/85 against the US currency on sustained dollar demand from importers amid weakness in equity markets in yesterday's trade.
The BSE benchmark Sensex fell by 173.96 points, or 1.0 percent, at 17,188.91 in opening trade.
Reuters
