Rupee declines 30 paise against dollar in early trade

Srinagar: The rupee weakened by 30 paise to trade at a three-month low of 65.06 against the US dollar in opening session on Thursday due to increased demand for the greenback from importers amid heavy foreign fund outflows, a media report said.

The dollar’s gain against major world currencies, after US Federal Reserve minutes hinted at hiking interest rates faster than expectations, also impacted the rupee sentiment, a currency dealer was quoted in the report as saying.

Strengthening US dollar and increased outflows from domestic capital market have weighed on the are weighing on the domestic currency.

On February 21, the rupee had claimed some of its lost ground to end 3 paise higher at 64.76 against the US dollar, breaking a two-session losing run.

Meanwhile, the benchmark BSE Sensex fell 144.23 points, or 0.42%, to 33,700.63 in early trade on February 22.

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