Financials News

Rupee weakens 10 paise against dollar in early trade

Rupee weakens 10 paise against dollar in early trade

Mumbai :The rupee depreciated 10 paise to 67.06 against the US dollar in early trade on Thursday on fresh demand for the American currency from importers amid weak growth data for April-June quarter.

Indian economy grew at the slowest pace in last six quarters at 7.1 per cent in the April-June period of current fiscal mainly on subdued performance of mining, construction and farm sectors.

Dealers attributed the rupee’s fall to fresh demand for the US currency from importers but a higher opening in the domestic equity markets and dollar’s weakness against some currencies overseas capped the losses.

The rupee had gained 6 paise to close at 66.96 per dollar on Wednesday due to sustained dollar selling from exporters amid weak overseas tone.

The benchmark BSE Sensex advanced by 66.36 points or 0.23 per cent to 28,518.53 in early trade on Monday.