Rupee extends losses, down by 34 paise against dollar

Mumbai: its slide for the fifth straight day on May 7, the rupee weakened by another 34 paise to 63.88 against the dollar in early trade on sustained capital outflows amid a weakening trend in equities.

Besides, increased demand for dollar from importers and banks weighed on the local currency, forex dealers said. The rupee had dipped by 10 paise to close at one-week low of 63.54 against the US dollar on May 6 trade.

Meanwhile, the benchmark BSE Sensex fell further by 146.81 points or 0.54 per cent at 26,570.56  in early trade on May 7.