Rupee declines 3 paise against US dollar in early trade

Continuing its slide for the third straight day, the rupee weakened by another 3 paise to trade at 68.97 against the US dollar in opening session on Wednesday due to increased demand for the American currency from importers.

The dollar’s gains against other currencies ahead of a meeting between US President Donald Trump and European Commission President Jean-Claude Juncker, also impacted the rupee sentiment, a currency dealer said.

They said, a higher opening of the domestic equity market, capped the rupee’s losses.

Yesterday, the rupee dropped by 8 paise to close at 68.94 against the US currency due to sustained dollar demand from importers even as local equities hit a record high.

Meanwhile, the benchmark BSE Sensex rose by 102.97 points, or 0.27 per cent, to quote an all-time high of  36,928.06 in opening trade on Wednesday.