 "Rupee plunges 18 paise against dollar in early trade")
After four days of rise, the rupee turned weak and declined by 18 paise to 63.62 against the US currency in early trade today at the Interbank Foreign Exchange due to the dollar's gain against other currencies overseas.
Forex dealers said besides dollar strengthening against other currencies overseas, fresh demand for the American unit from importers and a lower opening in the domestic equity market put pressure on the rupee.
The domestic currency had gained seven paise to end at two-month high of 63.44 against the greenback on Friday on sustained selling of dollars by banks and exporters amidst a soft US currency overseas.
Meanwhile, the benchmark BSE Sensex dipped below the 28,000-mark by plunging 315.21, or 1.12%, to 27,777.58 in early trade.
Forex dealers said besides dollar strengthening against other currencies overseas, fresh demand for the American unit from importers and a lower opening in the domestic equity market put pressure on the rupee.
The domestic currency had gained seven paise to end at two-month high of 63.44 against the greenback on Friday on sustained selling of dollars by banks and exporters amidst a soft US currency overseas.
Meanwhile, the benchmark BSE Sensex dipped below the 28,000-mark by plunging 315.21, or 1.12%, to 27,777.58 in early trade.