Rupee drops by 23 paise against dollar in early trade

Mumbai: The rupee depreciated by 23 paise to 64.78 against the dollar in early trade today due to increased demand for the US currency from importers.

Early losses in stock markets too kept pressure on the domestic unit, dealers said.

Yesterday, the rupee had firmed up by 9 paise to 64.55 on dollar unwinding amid continued political worries in the US.

Meanwhile, the benchmark BSE Sensex fell by 85.17 points or 0.28 per cent to 30,485.80 in early deals today.

As per provisional exchange data, foreign investors sold shares worth Rs 321 crore on net basis yesterday.