The rupee today fell by 16 paise to 54.53 against the dollar in early trade at the Interbank Foreign Exchange market in line with weak local equities, following withdrawal of support by DMK to the Congress-led UPA government, despite RBI cutting its short-term lending rate.
Forex dealers said besides dollar's gains against other currencies overseas, higher dollar demand from oil importers for the American currency put pressure on the rupee. The rupee had lost 20 paise to close at 54.37 against the dollar yesterday. Meanwhile, the BSE benchmark Sensex fell by 107.22 points, or 0.56 per cent, to 18, in early trade today.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
