Rupee weakens by 7 paise on strong dollar demand

TIL Desk/Business/Mumbai-The rupee depreciated by 7 paise to 67.42 against the dollar in early trade today on increased demand for the US currency from importers.

Forex dealers said dollar strengthening against other currencies overseas ahead of closely watched meetings this week at the US and Japanese central banks weighed on rupee sentiment. Stock markets slipping in early trade today too put pressure on the domestic unit.

The rupee had ended lower by 27 paise to more than two-week low of 67.35 per dollar yesterday at the Interbank Foreign Exchange market despite a sharp rise in the domestic equity market. Meanwhile, the benchmark Sensex fell 31.39 points, or 0.11 per cent, to 28,063.95 in early trade.