Rupee weakens 14 paise against US dollar

Mumbai: The rupee dropped by 14 paise to 64.69 against the dollar at the interbank forex market on Monday amid fresh foreign fund outflows.

Traders said fresh demand for the US currency from importers and a lower opening of the domestic equity market weighed on the rupee.

The dollar's weakness against some currencies overseas, however, restricted the rupee fall, they added.

Foreign investors pulled out around Rs 9,690.84 crore from equity markets on Friday.

On Friday, the rupee closed with a rise of 6 paise at a fresh six-week high of 64.55 against the American currency.

Meanwhile, the benchmark BSE Sensex fell by 97.19 points, or 0.28 per cent, to 33,588.37 in early trade.