Indian rupee down 11 paise at 67.17 against US dollar in early trade.

Indian rupee opened lower against US dollar on Monday and was trading 11 paise down at 67.17 (9.11 am) at the Interbank Foreign Exchange (Forex) market as demand for the American currency rose among importers and banks. The local currency had opened at 67.14 level and had closed at 67.06 level on Friday. Domestic equity markets lower opening follwoing global cues also added to rupee’s decline. At 9.27 am, Sensex was trading 39.12 points down at 27,743.13, while NSE Nifty was trading 16.30 poinst down at 8,556.25.

Dollar strengthening against other emerging market currencies also supported to rupee’s fall. Dollar was firm after US Federal Reserve chair Janet Yellen indicated at a possible rate hike, but didn’t give a timeline for the same.

The RBI fixed the reference rate for the dollar at 67.0299 and for euro at 75.7371. In cross-currency trades, the rupee drifted back against the pound sterling to close at 88.53 from 88.46 and declined further against the euro to end at 75.71 compared to 75.68 earlier. It also softened against the Japanese yen to 66.75 from 66.74 per 100 yens based on data available from Friday, August 26, 2016.

Source : financialexpress.com