Rupee down 5 paise against dollar in early trade

MUMBAI: Extending its losing streak for the fourth straight day, the rupee weakened by five paise to 61.01 against the US dollar in early trade today at the Interbank Foreign Exchange market on high demand for the American currency from importers.

Forex dealers said though increased demand for the US currency from importers and dollar's gain against other currencies overseas put pressure on the rupee but a higher opening in the domestic equity market capped the losses.

Yesterday, the rupee ended two paise lower at 60.96 against the US currency on the sustained dollar demand from importers and weakness in local equities.

Meanwhile, the benchmark BSE Sensex recovered by 69.51 points, or 0.25 per cent, to 26,814.20 in early trade today.