Rupee down 4 paise against dollar

The rupee fell marginally by four paise to 62.16 against the dollar in early trade on Monday, extending losses for the fourth straight session at the Interbank Foreign Exchange market.

This was in line with weak local equities amid increased demand for the American currency from importers.

Forex dealers said besides a lower opening in the domestic equity market on fears of a rate hike by the Reserve Bank, higher demand for the American currency from importers put pressure on the rupee but dollar’s weakness against other currencies overseas, capped the fall.

The rupee had lost 29 paise to close at 62.12 against the dollar on Friday.