Indian rupee drops 36 paise against US dollar in early trade

Mumbai: The rupee turned frail in early trade today and fell by 32 paise to 66.73 against the US dollars at the Interbank Foreign Exchange due to fresh demand for the American currency from overseas.

Besides dollar strengthening against other currencies, fresh demand for the American unit from importers and a lower opening in the domestic equity market put pressure on the rupee. Said Forex dealers.

However, the dollar’s weakness against other currencies overseas, capped the losses, they added.

The rupee had strengthened by 14 paise to close at 66.41 against the US dollar in yesterday’s trade on persistent selling from banks and exporters.

Meanwhile, the benchmark BSE Sensex sank 402.98 points or 1.57 per cent to 25,316.60 in early trade.