Rupee down to two-year low; trades at 66.99 vs dollar

Extending its losing streak for the third straight day, the rupee plunged by 34 paise to 66.99, hitting a two-year low against the US dollar in early trade on Friday on strong demand for the American currency from banks and importers amid sustained capital outflows. The rupee had last traded below 67 per dollar in September 2013.

Forex dealers said gains in the dollar against major global currencies and a lower opening in the domestic equity markets, weighed on the rupee.

The rupee had dropped by six paise to close at 66.65 on Thursday's trade on sustained demand for US dollars by banks and importers on the back of higher greenback overseas.

Meanwhile, the benchmark BSE Sensex dropped further by 201.35 points, or 0.77%, to 25,685.27 in early trade.