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Rupee weakens by 7 paise at an over 29-month low

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The rupee weakened by 7 paise to quote at an over 29-month low of 68.37 against the dollar in early trade at the Interbank Foreign Exchange market on Friday on sustained demand for the American currency from importers and banks.

The dollar was firm against some global currencies which weighed on the rupee, but a higher opening of the domestic equity market capped the losses, dealers said.

Yesterday, the local currency plummeted by 45 paise to end at an over 29-month low of 68.30 a dollar on fresh demand for the US currency from banks and importers in view of sharp fall in equities amid foreign capital outflows.

Meanwhile, the benchmark BSE sensex reclaimed the 23,000-mark by recovering 164.44 points or 0.71 per cent to 23,116.27 in early trade.

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