Rupee down 16 paise Vs dollar in early trade

Tags: News
The rupee today fell by 16 paise to 54.53 against the dollar in early trade at the Interbank Foreign Exchange market in line with weak local equities, following withdrawal of support by DMK to the Congress-led UPA government, despite RBI cutting its short-term lending rate.

Forex dealers said besides dollar's gains against other currencies overseas, higher dollar demand from oil importers for the American currency put pressure on the rupee.

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