Mumbai, India (BBN)-Indian rupee depreciated by 5 paise to 67.43 against the US dollar at the Interbank Foreign Exchange in early trade Wednesday due to increased demand for the American currency from importers amid a lower opening of the domestic equity market.
Besides, a dip in country’s exports in February and dollar’s strength against other currencies overseas, also put pressure on the rupee, forex dealers said, reports the PTI.
Exports declined for the 15th month in a row, down 5.66 per cent in February at USD 20.73 billion, due to contraction in shipments of petroleum and engineering goods.
The domestic unit had lost 27 paise to close at 67.38 yesterday on sustained demand for the American currency from banks and importers.
BBN/SK/AD