Mumbai | The rupee weakened by 25 paise to 66.93 against the dollar in early trade at the Interbank Foreign Exchange market Monday, falling for the third straight session, as the dollar firmed up against some currencies overseas amid a lower opening in the domestic equity market.
Forex dealers said apart from sustained demand for the American currency from importers, foreign fund outflows and dollar’s gains against other currencies overseas, also weighed on the rupee.
On Friday, the local currency had plummeted by 26 paise to end at 66.68, posting its biggest single-day drop in five weeks, on renewed demand for the American currency from banks and importers.
Meanwhile, the benchmark BSE Sensex tanked 545.94 points, or 1.89 per cent, to 28,251.31 in the opening trade.
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