The weakness in the rupee was in line with weak local equities amid increased demand for the US dollar from importers. Photo: Pradeep Gaur/Mint
Mumbai: The rupee fell marginally by four paise to 62.16 against the dollar in early trade on Monday, extending losses for the fourth straight session.
The weakness in the domestic currency was in line with weak local equities amid increased demand for the US dollar from importers.
Forex dealers said besides a lower opening in the domestic equity market on fears of a rate hike by the Reserve Bank of India (RBI), higher demand for the US currency from importers has put pressure on the rupee, but dollar's weakness against other currencies overseas capped the fall.
The rupee had lost 29 paise to close at 62.12 per dollar on Friday. Meanwhile, the BSE benchmark Sensex fell by 36.56 points, or 0.18%, to 20,679.02, in early trade on Monday.
All eyes are now on the wholesale price index (WPI)-based inflation data due later in the day. WPI inflation probably held unchanged at 7% from the month before, according to the median of analysts surveyed by Bloomberg.
Bloomberg contributed to this story.
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