Rupee drops 5 paise in early trade

The rupee depreciated by five paise at 62.57 against the US dollar in early trade today on fresh demand for the American currency from importers.

Besides, a lower opening in domestic equity markets put pressure on the local unit, forex dealers said.

The rupee had gained 17 paise to end at 62.52 against the US dollar yesterday.

Meanwhile, the benchmark BSE Sensex fell by 136.92 points, or 0.48%, at 28,332.75 in early trade today.