Rupee down 5 paise in subdued start to new year

TIL Desk/Business/Mumbai-The rupee depreciated by five paise in early trade today to quote at 67.97 against the US dollar on the first trading day of 2017 due to fresh buying of the American currency by importers at the Interbank Foreign Exchange.

Dealers said, increased demand for the American unit from importers and a lower opening in the domestic market weighed on the rupee. Besides, dollar’s gain against major world currencies and a weak trend at the domestic equity market also left its mark on the rupee.

The rupee had closed 18 paise higher at 67.92 against the greenback in the previous session on December 30, 2016. Meanwhile, the benchmark BSE Sensex fell 132.37 points, or 0.50 per cent, to 26,494.09 in early trade.