Rupee down 5 paise against dollar in early trade

The rupee depreciated by 5 paise to 67.43 against the US dollar at the Interbank Foreign Exchange in early trade on Wednesday due to increased demand for the American currency from importers amid a lower opening of the domestic equity market.

The rupee depreciated by 5 paise to 67.43 against the US dollar at the Interbank Foreign Exchange in early trade on Wednesday due to increased demand for the American currency from importers amid a lower opening of the domestic equity market.

The rupee depreciated by 5 paise to 67.43 against the US dollar at the Interbank Foreign Exchange in early trade on Wednesday. (REUTERS)

Besides, a dip in country’s exports in February and dollar’s strength against other currencies overseas, also put pressure on the rupee, forex dealers said.

Exports declined for the 15th month in a row, down 5.66% in February at US $20.73 billion, due to contraction in shipments of petroleum and engineering goods.

The domestic unit had lost 27 paise to close at 67.38 on Tuesday on sustained demand for the American currency from banks and importers.

Meanwhile, the benchmark BSE Sensex fell 70.14 points, or 0.28%, to trade at 24,481.03 in early trade Wedensday.