Rupee drops 11 paise due to increased demand of dollar

Rupee was trading lower by 11 paise at 67.18 against the US dollar in early trade at the Interbank Foreign Exchange on Monday on increased demand for the American currency from importers and banks.

Rupee was trading lower by 11 paise at 67.18 against the US dollar in early trade at the Interbank Foreign Exchange on Monday on increased demand for the American currency from importers and banks.

Rupee was trading lower by 11 paise at 67.18 against the US dollar in early trade. (File Photo)

Dealers attributed the rupee’s fall to increased demand for the US currency, but dollar’s weakness against some currencies overseas and a higher opening in domestic equity market restricted the fall.

On Friday, the rupee had dropped 16 paise to 67.07 a dollar on fresh demand for the US currency from banks and importers amid fall in domestic equities.

Meanwhile, the BSE Sensex recovered by 146.93 points or 0.52% to 27,983.43 in early deals.