Rupee drops 22 paise against US dollar

Dealers attributed the rupee's fall to increased demand for the US currency from importers and foreign fund outflows.

image courtesy: PTI

Mumbai: The rupee weakened by 22 paise to 67.65 against the US dollar in early trade at the interbank forex market today on fresh demand for the greenback from importers and banks. Dealers attributed the rupee's fall to increased demand for the US currency from importers and foreign fund outflows. Besides, a lower opening of the domestic equity market too weighed on the rupee. Foreign portfolio investors (FPIs) sold shares worth a net Rs 795.06 crore yesterday, provisional data showed. Yesterday, the rupee had surged by 35 paise to end at a new two-week high of 67.43 against the US dollar after a surprise crash in crude prices quickly faded near-term trade deficit and inflation worries. Meanwhile, the benchmark BSE Sensex fell by 57.30 points, or 0.16 per cent, to 35,108.18 in early trade today.