Rupee drops 4 paise against US dollar

TIL Desk/Business/Mumbai-The rupee was trading lower by 4 paise at 67.05 against the dollar in early trade today at forex market as the American unit strengthened overseas amid a lower opening of the domestic equity market.

Forex dealers said increased demand for the US currency from importers and the greenback’s gains against other currencies overseas, put pressure on the rupee.

On Friday, the rupee had gained 6 paise to end at 67.01 due to fag-end dollar selling by banks and exporters in view of weakness in the greenback overseas amid persistent rise in equities. Meanwhile, the benchmark BSE Sensex fell by 40.24 points, or 0.14 per cent, to 28,428.51 in early trade.