Rupee plummets 4 paise against dollar in early trade

The rupee weakened by 4 paise to 66.78 against the dollar in early trade today at the Interbank Foreign Exchange market on fresh demand for the American currency from importers.

Forex dealers said the strength in dollar against some other currencies overseas weighed on the rupee but a higher opening in the domestic equity market capped the losses.

The rupee had gained 28 paise against the American currency to settle at nearly two-month high at 66.74 in yesterday’s trade on persistent dollar selling by banks and exporters on hopes of foreign capital inflows into the equity market.

The benchmark BSE Sensex recovered by 66.94 points, or 0.23 per cent, to 28,070.06 in early trade today.