Rupee drops 5 paise against dollar in early trade

The rupee fell by 5 paise to 62.36 against the US dollar in early trade on Monday at the Interbank Foreign Exchange on rising demand for the American currency from importers.

The rupee fell by 5 paise to 62.36 against the US dollar in early trade on Monday at the Interbank Foreign Exchange on rising demand for the American currency from importers.

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Forex dealers attributed the fall in the rupee to the dollar's strength against other global currencies and increased demand for the greenback from importers.

However, a higher opening in the domestic stock market capped the rupee's fall.

The rupee on Friday had lost 7 paise to 62.31 on fresh demand for US dollar from banks and importers as the greenback firmed up overseas on upbeat US jobs data.

Meanwhile, the benchmark BSE Sensex regained the 29,000-mark by rising 125.65 points, or 0.43%, to 29,005.03 in early trade on Monday.