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Indian rupee trade 25 paisa lower against US dollar

Indian rupee trade 25 paisa lower against US dollar

MUMBAI: The rupee weakened further by 25 paisa to trade at a fresh two-month low of Rs 62.80 against the US dollar in early trade today at the Interbank Foreign Exchange due to rise in the greenback’s value against other currencies overseas.

Dealers attributed the fall in rupee to dollar’s gains against other currencies overseas and a lower opening in the domestic equity market.

Besides, increased demand for the American currency from importers too weighed on the rupee, they said.

The Indian rupee had lost 39 paisa to close at a two-month low of 62.55 against the American currency yesterday after better-than-expected jobs data spurred expectations of an early hike in US interest rates.

Meanwhile, the benchmark BSE Sensex fell by 34.84 points, or 0.12 per cent, to 28,809.94 in early trade today.