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Rupee skids 23 paise to close at 75.42 against US dollar

Rupee down 21 paise Vs dollar in early trade

By PTI

| Published: Friday, June 8, 2012, 15:57 [IST]

Mumbai, Jun 8: The rupee on Friday lost 21 paise to 55.15 against the US dollar in early trade on the Interbank Foreign Exchange market, snapping the three days of gaining streak due to the American currency gaining against the euro overseas.

On Thursday, the local unit had ended higher by 42 paise at 54.94, its highest closing since May 18 against the dollar on sustained FII inflows.

Forex dealers said besides weakness in the euro against the dollar overseas on reduced hopes for more monetary stimulus by the Federal Reserve, a weak opening in the stock market after four straight sessions of gains, also put pressure on the rupee's value.

Meanwhile, the BSE benchmark Sensex declined by 95.38 points, or 0.57%, at 16,553.67 in early trade on Friday.

PTI