According to the Inter-Bank Foreign Exchange, the rupee slumped down to 6 paise against the US currency in an early trade today. This downfall is linked to the increased demand for the dollar from importers.
Even though the rupee fell due to rise in demand for dollar, there was an upsurge in the opening of the domestic equity market and dollar’s weakness against some currencies made up for the losses.
After a 21 paise fall earlier last week, rupee seems to have recollected and been effective in the local markets. Meanwhile, the BSE Sensex rallied a 193.97 points in early trade.