Rupee weakens on increased demand of dollar from importers

MUMBAI: The rupee depreciated by 18 paise to 62.42 against the dollar in early trade today on the Interbank Foreign Exchange as the American currency firmed up overseas on upbeat US jobs report.

Besides, increased demand for the dollar from importers and a lower opening in the domestic equity market weighed on the local currency, forex dealers said.

The rupee had ended steady at 62.24 against the dollar in yesterday's trade due to uneven demand-supply transactions of the US currency from banks.