Rupee opens marginally weak at 62.20

The rupee was trading weak by 10 paise at 62.26 against the dollar at 11.25 am local time due to appreciation of the US currency overseas and on the back of gains in dollar index overseas.

Increased demand for the dollar from importers also put pressure on the rupee.

After opening marginally weak at 62.20 against the dollar at the Interbank Foreign Exchange market, the domestic unit hovered in the range of 62.19 and 62.30 in the morning deals.

Forex dealers attributed the rupee’s fall to the dollar’s gains against other currencies overseas but a firm domestic equity market capped the losses.

The rupee had gained three paise to close at 62.16 against the dollar on Monday following continued selling of the US currency by banks and exporters.

Forex market remained closed yesterday on account of ‘Mahashivratri’.

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