Rupee weakens by 27 paise on strong dollar demand

Mumbai: The rupee depreciated by 27 paise to 65.20 against the dollar in early trade on October 29 on strong month-end demand for the US currency from importers. Forex dealers said dollar strengthening against other currencies overseas after the US Federal Reserve signalled it may raise interest rates in December weighed on rupee sentiment.

Stock markets opening with losses too put pressure on the domestic unit. The rupee had recovered by 4 paise to close at 64.93 per dollar on October 28 at the Interbank Foreign Exchange market. Meanwhile, the benchmark Sensex fell 93.42 points, or 0.34 per cent, to 26,946.34 in early trade.