Mumbai, India (BBN) – Indian rupee drifted lower by 9 paisa to 66.80 against the US dollar in early trade at the Interbank Foreign Exchange Tuesday after the American currency gained strength overseas.
Forex dealers said that month-end demand for the greenback from importers and gains against other currencies overseas as invetors keenly await US President Donald Trump’s speech at a joint session of Congress today, put pressure on the rupee, reports The Hindu Business Line quoting PTI.
They said, however, a higher opening of the domestic equity market capped the rupee’s losses.
Yesterday, the rupee had strengthened to close at a fresh three-and-a-half month high of 66.71, appreciating by 11 paisa on the back of sustained selling of the American dollar by exporters and banks.
Meanwhile, the benchmark BSE Sensex went up by 50.53 points, or 0.18 per cent, to 28,863.41 in the opening trade today.
BBN/SK/AD