The rupee lost seven paise at 62.37 against the US dollar in early trade on Friday at the Interbank Foreign Exchange due to fresh demand for the American currency from importers.
Forex dealers said apart from fresh demand for the dollar, a lower opening in the domestic equity market also weighed on the local currency.Globally, in New York, the US dollar were lowest in over a week against basket currencies in early trade, having suffered yet another setback overnight in the hands of more underwhelming US economic data.
The rupee hovered in a range of 62.3250 and 62.3850 duringthe morning trade.
The rupee had gained 6 paise to close at 62.30 against the dollar in yesterday’s trade on persistent selling of dollars by banks and exporters.
Meanwhile, the benchmark BSE Sensex fell by 41.60 points, or 0.14 per cent at 28,624.44 in early trade today.