The dollar gained strength against other currencies overseas as investors raised expectations of another US interest rate hike next month which weighed on the domestic unit, forex dealers said.
Mumbai: The rupee was trading lower by 20 paise at 64.51 against the US dollar in early trade today at the forex market on increased demand for the American currency from importers amid sustained foreign fund outflow.
The dollar gained strength against other currencies overseas as investors raised expectations of another US interest rate hike next month which weighed on the domestic unit, forex dealers said.
However, a higher opening in the domestic equity market restricted the rupee's losses. on Monday, the rupee had gained 7 paise at 64.31 on bouts of dollar selling by exporters and banks amid firming equities.
Meanwhile, the benchmark BSE Sensex rose 76.39 points, or 0.26 per cent, to 30,002.54 in early trade on Tuesday.
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