Weak export data pulls rupee down in early trade
Exports slumped for the ninth straight month in August, down 20.66% in the month.
The rupee depreciated another 11 paise to 66.47 against the dollar in early trade today on foreign funds outflows amid a significant slump in the country's exports.
Besides, persistent demand for the dollar from importers also weighed, but the dollar's weakness against other currencies overseas and early gains in stock markets capped the rupee's losses, forex dealers said.
Contracting for the ninth month in a row, India's exports plunged 20.66% in August to $21.26 billion, widening the trade deficit.
The rupee had ended marginally lower three paise at 66.36 against the US dollar in yesterday's trade on fresh demand for the American currency from banks and importers.
Meanwhile, the benchmark Sensex surged 207.21 points, or 0.80%, to 25,913.14 in early trade.