Rupee dives 24 paise against dollar in early trade

Extending losses for the fifth consecutive day, the rupee shed 24 paise to trade at 63.88 against the US dollar in early trade at the Interbank Foreign Exchange due to continued demand for the American currency from importers.

Forex dealers said besides sustained demand for the dollar in view of the approaching month-end, weakness in the euro against the American currency overseas amid growing concerns of a Greece debt default and a possible euro zone exit weighed.

Furthermore, a lower opening in domestic equities kept up pressure on the rupee, they said.

The rupee had lost 2 paise to close at 63.64 in a range-bound trade on month-end demand for the greenback from importers despite its weakness overseas.

Meanwhile, the benchmark BSE Sensex plunged 535.87 points, or 1.92%, to 27,275.97 in opening trade.