Mumbai: The rupee on Tuesday weakened by 17 paise to 54.34 against the US dollar on the Interbank Foreign Exchange market in early trade, due to month-end demand for the American currency from importers.
Traders said apart from month-end demand from importers for the US currency, a lower opening in the equity market on worries over domestic political stability mainly put pressure on the rupee.
The rupee had gained 16 paise to close at one-week high of 54.17 in the previous session on fresh selling of the US dollar amid strengthening of the euro overseas after Cyprus reached a bailout agreement with international lenders.
Meanwhile, the BSE benchmark Sensex was down by 59.72 points, or 0.32 percent, at 18,621.70 in early trade.


Latest News  from Business News Desk