Rupee drops 29 paise against USD in early trade

Mumbai :The rupee was trading lower by 29 paise at 66.92 against the American currency in early trade today at the Interbank Foreign Exchange market as the dollar strengthened overseas.

Forex dealers said increased demand for the US currency from importers and dollar’s gains against other currencies overseas put pressure on the rupee.

On Friday, the rupee had gained 30 paise to end at 66.63 against the American currency following a heavy dollar selling by banks and exporters.

Meanwhile, the benchmark BSE Sensex fell by 335.43 points, or 1.34 per cent, to 24,598.90 in opening trade today.