MUMBAI – The rupee declined by 23 paise to 53.10 against the dollar in early trade today at the Interbank Foreign Exchange market on increased demand for the American currency from importers.
Forex dealer said increased demand for the American currency from oil importers and dollar’s gains against other currencies overseas mainly put pressure on the local unit.
A higher opening in the equity market, however, capped rupee’s losses, they added.
Be Part of Quality Journalism
Quality journalism takes a lot of time, money and hard work to produce and despite all the hardships we still do it. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives. Today more people are reading Kashmir Observer than ever, but only a handful are paying while advertising revenues are falling fast.