Rupee at 3-week low of 59.43 against dollar

Zee Media Bureau

Falling for the fifth straight day, the rupee on Wednesday weakened by five paise to 59.43 against the US dollar in early trade at the Interbank Foreign Exchange market, weighed down by dollar's gains against other currencies.

The rupee fell by 23 paise to close at 59.38 in yesterday's session amidst the RBI announcing a cut in SLR that is expected to release nearly Rs 40,000 crore into the markets.

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

Meanwhile, the 30-share BSE Sensex dropped by 26.04 points, or 0.10 percent, to 24,832.55 in early trade today.

With agency inputs