Rupee weak against dollar in early trade

Rupee weak against dollar in early trade


Mumbai: The rupee was weak against the US dollar in early trade on 22 November, as a sliding stock market continued to keep the domestic currency under pressure.

The dollar’s weakness against major currencies in global markets, however, offset any sharp fall in the local currency.

In quiet trade at the Interbank Foreign Exchange (forex) market, the rupee resumed lower at 39.43/45 per dollar from the last close of 39.39/40, but later recovered partly to 39.4050/4150 in late morning trade.

Attributing weakness in the rupee to a fresh fall in equity markets this morning, forex dealers said the currency drew support from weak dollar overseas and trimmed its losses.

The benchmark Sensex dropped by 219 points in early trade due to selling by foreign funds.

The dollar fell to almost a two-and-a-half-year low against the yen and to another record bottom against the euro yesterday.