Rupee sinks 2 paise against US dollar

Mumbai: The rupee turned weak by 2 paise to 66.95 against US dollar in early trade on Wednesday at the foreign exchange market after the American currency gained ground following a spurt in demand from importers.

Forex dealers said, the US dollar’s gains against some currencies overseas following upbeat remarks on the US economy by Federal Reserve Chief Janet Yellen and a lower opening in the domestic equity market put the rupee on the back foot.

On Tuesday, the rupee had recovered by 9 paise to end at66.93 on fresh selling of dollars by banks and exporters amid weakness in American currency in the overseas market.

The benchmark BSE Sensex fell by 69.39 points, or 0.24 percent, to 28.269.92 in early trade on Wednesday.