Rupee slips from 1-month high, falls 21 paise against US dollar

Mumbai: The rupee slipped from a one-month high by depreciating 21 paise to 65.88 against the US dollar at the Interbank Foreign Exchange in early trade today on foreign funds outflows amid fresh demand for the American currency from importers. Forex dealers said a lower opening of the domestic equity market also weighed, but dollar’s weakness against other currencies capped the losses. The rupee had surged 79 paise — its biggest single-day gain so far this year — to settle at the one-month high of 65.67 on Friday following heavy selling of the greenback after worries over US interest rate hike abated. Meanwhile, the benchmark BSE Sensex dipped below the 26,000-mark by slumping 220.24 points, or 0.84 per cent, to 25,998.67 in early trade.