Mumbai, India (BBN)-Indian rupee depreciated by 16 paise to 64.99 against the US currency in early trade on Monday due to strong demand for the dollar from importers.
The rupee had closed at 64.83 against the dollar at the Interbank Foreign Exchange on Friday last, reports the PTI.
Dealers attributed the rupee’s fall to increased demand for the US currency from importers.
However, a higher opening in the domestic equity markets capped the losses.
Meanwhile, the benchmark BSE Sensex rose 147.33 points, or 0.53 per cent, to 27,618.14 in early trade.