Rupee drops 5 paise against dollar in early trade

The rupee depreciated by five paise to 61.22 against the US dollar in early trade today, extending losses for the second day at the Interbank Foreign Exchange market due to increased demand for the American currency from importers.
The dollar's gains against other currencies overseas also put pressure on the local unit but a higher opening in the domestic equity market capped losses, forex dealers said.
The rupee had weakened by 2 paise to end at 61.17 in yesterday's trade on late dollar demand from importers amid fresh capital outflows.
Meanwhile, the benchmark BSE Sensex surged 225.27 points, or 0.88 per cent, to 25,744.51 in early trade today.