Rupee slips 2 paise against US dollar

The rupee edged lower by two paise to 64.17 against the US dollar in early trade on Friday on sustained foreign fund outflows.

Traders attributed the rupee’s fall to increased demand for the US currency from importers and banks and a lower opening in the domestic equity market.

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However, dollar’s weakness against some currencies overseas limited the rupee’s fall, they added.Forex and money markets were closed yesterday on the occasion of Parsi New Year.

On Wednesday, the rupee ended with a modest loss of 3 paise at 64.15 against the greenback even as local equities put up a strong performance.

Meanwhile, the benchmark BSE Sensex plunged by 207.75 points, or 0.65 per cent, to 31,587.71 in early trade trade today.