Rupee down 37 paise against dollar in early trade

Mumbai: The rupee on Wednesday declined by a hefty 37 paise to trade at a fresh six-month low of 55.83 in early trade at the Interbank Foreign Exchange market on sustained dollar demand and strengthening of the US currency overseas. Forex dealers said besides dollar's gains against euro and other currencies in the overseas markets, sustained dollar demand from importers and some banks and a lower opening in the stock market put pressure on the domestic currency.

On Wednesday, the rupee had lost five paise to close at 55.46, its lowest closing since November 27, 2012.

Meanwhile, the BSE benchmark Sensex fell by 84.54 points, or 0.42 per cent, to 19,977.70 in early trade on Thursday.