Rupee snaps 5-day gain, down 29 paise

The rupee snapped its five-day rising streak against the American currency and fell by 29 paise at 61.33 per dollar in early trade on Wednesday at the Interbank Foreign Exchange market on fresh dollar demand from importers.

Besides an increased demand for the dollar from importers, a mixed trend in the American currency against other overseas currencies and a lower opening in the domestic equity market also put pressure on the rupee, forex dealers said.

The rupee had gained 9 paise to close at four-month high of 61.04 against the dollar in yesterday’s trade on selling of the US currency by exporters and banks amid heavy capital inflows.