Indian rupee down 17 paise vs US dollar in early trade

Rupee

The rupee today weakened by 17 paise to 54.34 against the US dollar on the Interbank Foreign Exchange market in early trade, due to month-end demand for the American currency from importers.

Traders said apart from month-end demand from importers for the US currency, a lower opening in the equity market on worries over domestic political stability mainly put pressure on the rupee.

The rupee had gained 16 paise to close at one-week high of 54.17 in the previous session on fresh selling of the US dollar amid strengthening of the euro overseas after Cyprus reached a bailout agreement with international lenders.

Meanwhile, the BSE benchmark Sensex was down by 59.72 points, or 0.32 per cent, at 18,621.70 in early trade today.

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