Rupee hits three week low, down 32 paise

The rupee oday hit a more than a three week low, losing 32 paise to 54.57 against the dollar in early trade due to appreciation of the US currency against other currencies.

The rupee on Friday hit a more than a three week low, losing 32 paise to 54.57 against the dollar in early trade on the Interbank Foreign Exchange market due to appreciation of the US currency against other currencies overseas.

Increased demand for the dollar from banks and importers also put pressure on the rupee but a higher opening in the domestic equity market capped the fall, forex dealers said.

The rupee had lost nine paise to close at a one-week low level of 54.25 against the dollar due to sustained demand for US currency for oil and gold related payments.

Meanwhile, the BSE benchmark Sensex recovered by 27.97 points, or 0.14%, at 19,967.01 in early trade.