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Rupee weakens 5 paise against Dollar in early trade

The rupee depreciated by 5 paise to 64.06 against the US dollar in early trade on Thursday on month-end demand for the…

Rupee weakens 5 paise against Dollar in early trade

(Photo: Getty Images)

The rupee depreciated by 5 paise to 64.06 against the US dollar in early trade on Thursday on month-end demand for the American currency from importers and banks.

Sustained foreign fund outflows and a strong dollar in global markets weighed on the rupee, currency traders said.

Domestic stock markets opening lower also weakened the sentiment locally, they said.

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The US dollar advanced against the euro and yen after strong US growth data fuelled speculations that the Federal Reserve could consider hiking interest rate for a third time this year.

Yesterday, the rupee had ended on a flat note at 64.01 against the US dollar.

Meanwhile, the benchmark Sensex fell 50.58 points, or 0.15 per cent, to 31,595.88 in early trade today.

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