Mumbai, India (BBN)-Indian rupee depreciated 11 paise to 64.03 against the US dollar in early trade on Wednesday at the Interbank Foreign Exchange due to appreciation of the American currency overseas.
Forex dealers said increased demand for the dollar from importers also weighed on the local currency, but a higher opening in the domestic equity market limited rupee’s fall, reports the Press Trust of India.
The rupee had closed higher by 16 paise at 63.92 against the American currency in yesterday’s trade on fresh selling of dollars by banks and exporters due to weakness of the greenback in the overseas market.