Mumbai, India (BBN) – Indian rupee was trading lower by 10 paisa at 66.98 against the US dollar in early trade on Monday after the American currency gained strength overseas.
The rupee sentiment was also hit as industrial production contracted to a four-month low of 0.4 per cent in December, reports The Hindu Business Line quoting PTI.
Forex dealers said increased demand for the US currency from importers and dollar’s gain against other currencies overseas put pressure on the rupee.
They said, however, a higher opening in the domestic equity market capped the losses.
On Friday, the rupee had ended marginally lower by 3 paisa at 66.88 against the dollar because of stray demand coming in from importers and banks for the American currency.
Meanwhile, the benchmark BSE Sensex surged 124.55 points, or 0.43 per cent, to 28,458.80 in the opening trade.