Rupee falls 32 paise to 60.97 against dollar in early trade

The rupee depreciated by 32 paise to 60.97 against the US dollar in early trade on Monday at the Interbank Foreign Exchange due to increased demand for the US currency from importers amid a weak opening in the domestic equity market.

Forex dealers said besides fresh demand from importers for the American unit, a lower opening in the domestic equity market as well as decline in industrial production growth to 4-month low of 0.5% in July, put pressure on the rupee. However, the dollar's gain against the euro overseas, capped the losses, they said. The rupee had gained 28 paise, notching up its best daily gain in a month, to end strong at 60.65 against the Greenback in the previous session on Friday on heavy dollar selling by banks and exporters amid positive cues from equity markets.

Meanwhile, the benchmark BSE Sensex dipped below the 27,000-mark by falling 185.55 points, or 0.69%, to 26,875.49 in early trade on Monday.