Rupee slides 10 paise against dollar; stocks an overhang

Mumbai: The rupee lost 10 paise to a fresh one-month low of 64.73 against the dollar in early session on Friday, with a decidedly lower start in stocks casting a shadow.

The American unit found greater traction among importers and banks. Dealers attributed the rupee’s fall to fresh demand for the US currency and a subdued opening in domestic equities.

The slide in the rupee, however, was limited because the US dollar plunged to a 12-month low against the euro as odds rose that there could be shifts in monetary policy by the European Central Bank and the Bank of England.

Yesterday, the rupee had lost 8 paise to end at a one- month low of 64.63 against the greenback amid uninterrupted dollar demand from importers.

Meanwhile, the benchmark BSE Sensex was trading lower by 154.23 points, or 0.50 per cent, at 30,703.29 in opening spell.