Rupee sheds 29 paise against dollar, after yuan devaluation

The rupee fell sharply by 29 paise to 64.16 against the dollar in early trade today at the Interbank Foreign Exchange due to a rise in the greenback against other currencies overseas.

Dealers attributed the fall to the dollar's gains after China devalued yuan, which pushed up demand from importers for the US currency.

However, a higher opening in domestic equity market capped losses to some extent.

The rupee had lost six paise to settle at 63.87 against the dollar in yesterday's trade on fag-end demand for the greenback from importers.

Meanwhile, the benchmark BSE Sensex was trading higher by 103.40 points, or 0.36%, at 28,205.12 in early trade today.