Rupee dropped by 13 paise at forex market today on fresh demand for the USD from importers.
Mumbai: After rising for nine straight days, the rupee turned weak by 13 paise to 67.35 against the dollar in early trade at the foreign exchange market today on fresh demand for the American currency from importers.
The US dollar's gains against some currencies overseas and a lower opening in the domestic equity market put the rupee on the back foot, forex dealers said.
For the past few days, the rupee continued to outshine the US dollar and ended at a nearly 3-month high of 67.22 yesterday, appreciating by 9 paise on sustained unwinding of the American greenback by exporters and corporates ahead of the RBI monetary policy review scheduled for tomorrow.
Heavy unwinding of long dollar positions built by speculative traders last week ahead of FOMC meet predominantly gave the rupee an edge amid extreme weak overseas sentiment.
Meanwhile, the benchmark BSE Sensex fell by 24.80 points, or 0.08 per cent, to 28,414.48 in early trade today.