Mumbai: The rupee depreciated 3 paise to
64.96 against the US dollar in early trade today at the forex market on
increased demand for the US currency from importers and foreign fund
outflows.
Strength in dollar against other currencies overseas
as traders eye next week's US Federal Reserve meeting, and a lower
opening in domestic equities kept pressure on the domestic unit, dealers
said.
Meanwhile, data released by the commerce ministry showed,
exports grew by 4.5 per cent in February, the lowest expansion in the
last four months, to USD 25.8 billion as shipments of engineering,
textiles and gems and jewellery declined, while trade deficit narrowed
to a five-month low of USD 12 billion.
Yesterday, the rupee fell
by 10 paise to end at 64.93 against the American currency due to
sustained foreign fund outflows amid growing prospects of rate hike by
the US Fed next week.
Meanwhile, the benchmark BSE Sensex fell 136.94 points, or 0.40 per cent, to 33,548.60 in opening deals today.
PTI
