Rupee sinks 21 paise to dollar on increased demand from importers, banks for US currency

A firm dollar against other currencies overseas as global growth worries swept equity markets and pushed lower oil prices, boosting demand for the US currency

Rupee sinks to dollar in early trade. Photo: ZeeBiz Team

The rupee weakened 21 paise to 66.63 against the dollar in early trade at the Interbank Foreign Exchange market on increased demand for the US currency from importers and banks.

A firm dollar against other currencies overseas as global growth worries swept equity markets and pushed lower oil prices, boosting demand for the US currency and a lower opening of the domestic equity market weighed on the rupee, dealers said.

On Wednesday, the rupee had closed marginally up by 2 paise to 66.42 on selling of the dollars by banks and exporters amid fall in equity market.

Meanwhile, the benchmark BSE Sensex fell 103.74 points, or 0.41%, to 25,125.96 in early trade.

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