The rupee weakened by 31 paise to 62.64 against the U.S. dollar in early trade on Thursday at the Interbank Foreign Exchange on month-end demand for the American currency from banks and importers.
Forex dealers attributed the fall in the rupee to increased demand for the dollar from importers and a lower opening of the domestic equity market but the Greenback’s weakness against other currencies overseas, capped the rupee’s losses.
The rupee had snapped its seven-day winning spree by slipping seven paise to close at 62.33 against the dollar in Wednesday’s trade. Meanwhile, the benchmark BSE Sensex slipped below the 28,000-level by falling 215.03 points, or 0.76 per cent, to 27,896.80 in early trade on Thursday.
