Rupee down 7 paise against US dollar in early trade
THE INDIAN rupee depreciated by 7 paise to Rs 44.34 (£0.61) against the US dollar in early trade on the Interbank Foreign Exchange on Wednesday (August 3), weighed down by dollar gains against other Asian currency rivals and a lower opening in the domestic stock market.
Forex dealers said strengthening of the dollar against other Asian currencies overseas and a lower opening in the domestic stock market mainly put pressure on the rupee.
The rupee ended 20 paise lower at Rs 44.27/28 against the American currency in the previous session due to fresh demand for the dollar from importers and banks amid weak equity markets.
Meanwhile, the Bombay Stock Exchange benchmark Sensex fell sharply by 223.32 points or 1.23 per cent to 17,886.57 in the opening trade.
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