Rupee Softens 11 Paise Against US Dollar

Indian Rupee. (Reuters)

Mumbai: The rupee shed 11 paise to 64.61 against the US dollar in early trade on Wednesday following fresh demand for the American currency from banks and importers.

Moreover, the US dollar’s gains against some currencies overseas put the rupee on backfoot, forex dealers said.

However, a higher opening of the domestic equity market capped the rupee’s fall.

Yesterday, the rupee had recovered some of the lost ground and advanced by 6 paise to end at 64.50 against the US dollar amid mild selling of the American currency by exporters.

Meanwhile, the benchmark BSE Sensex rose by 50.47 points, or 0.16 per cent, to 29,838.82 in the opening trade.