Benchmark indices face first weekly decline, steepest in 20 weeks
Sensex and Nifty faced their first weekly decline after four weeks of gains on Friday. The Sensex dropped to a low of 72,485 while the NSE Nifty 50 dipped to a low of 21,932.
The Rupee weakened by 13 paise to 64.57 against the US Dollar in early trade on increased month-end demand for the American currency from importers and banks.
Forex dealers said the US Dollar's gain against other currencies overseas and a lower opening of the domestic equity market put pressure on the Rupee.
The Rupee had appreciated 18 paise against the American currency to end at a one-week high of 64.44 on 26 May, buoyed by stocks that soared to life highs.
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Meanwhile, the benchmark BSE Sensex retreated from record highs by falling 158.31 points, or 0.51 per cent, to 30,869.90 in opening trade on Monday.
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