Rupee declines by 32 paise to stand at 62.77 against USD

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The rupee fell sharply by 36 paise to 62.77 against the dollar in early trade today at the Interbank Foreign Exchange market on increased demand for the American currency from importers after the US Federal Reserve decided to scale back its stimulus.

Forex dealers said the US Federal Reserve’s move to scale back its stimulus programme put pressure on other currencies overseas.

Besides, month-end demand from importers for the American currency and a lower opening of the domestic equity market also weighed on the rupee, they said.

The rupee had gained 10 paise to close at 62.41 against the US dollar in yesterday’s trade.

Meanwhile, the benchmark BSE Sensex fell by 196.27 points, or 0.95 per cent, to 20,451.03 in early trade today. PTI