Rupee slips 11 paise against US dollar

MUMBAI: The rupee weakened 11 paise to 68.19 against the US dollar in early trade today on fresh demand for the American currency from banks and importers despite positive macro economic data.

According the government data released yesterday, industrial production in November grew by 5.7 per cent compared to a contraction of 3.4 per cent in the same month a year ago.

While retail inflation remained subdued at multi-year low of 3.41 per cent in December.

Dealers attributed the rupee's fall to increased demand for the American unit from importers but the dollar's weakness against some other currencies overseas and a higher opening of the domestic equity market capped the fall.

Yesterday, the rupee had staged a spectacular recovery against the dollar by surging 24 paise to end at one-week high of 68.08.

Meanwhile, the benchmark BSE Sensex rose by 106.92 points or 0.39 per cent to 27,354.08 in early trade.

 

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Author

PTI