Rupee drops 17 paise against dollar in early trade

Mumbai: The rupee fell by 17 paise to 62.58 against the US dollar in early trade today at the Interbank Foreign Exchange due to rise in the American currency’s value against other global currencies amid month-end demand for the dollar from importers.  Forex dealers attributed the fall in the rupee to the dollar’s strength against other global currencies and sustained capital outflows but a higher opening in the domestic stock market capped the rupee’s fall. The rupee had recovered by 26 paise to end at 62.41 against the dollar on Friday. Meanwhile, the benchmark BSE Sensex rose by 222.34 points, or 0.81 per cent to 27,680.98 in early trade today.