Rupee falls at over 11 months low due to heavy dolaar demand

Mumbai, June 6 – The rupee today has declined  at by 24 paise to trade at over 11-month lows of 56.97 in early trade on the Interbank Foreign Exchange market. Rupees has fallen due to heavy dollar demand from importers.

 

Besides, increased demand for the American currency from importers and a weak opening in the domestic equity market also put pressure on the rupee, traders said.

 

However, dollar's weakness against euro and yen overseas after weaker-than-expected data ahead of Friday's jobs report, cushioned rupee's fall to some extent, they said.