Rupee falls to fresh 16-month low against dollar

Mumbai: The rupee declined by 28 paise to a fresh 16-month low of 67.79 against the dollar in early trade on Tuesday amid gains in the US currency overseas.

Forex dealers said the dollar strengthened against major global currencies today, having pulled up from its lowest level in more than a week as hopes for easing global trade tensions pushed US bond yields higher.

Early losses in stock markets and demand for the US currency from importers also weighed on the local unit, they added.

On Monday, the rupee had lost 18 paise to end at a fresh 16-month low of 67.51 against the US currency on heavy dollar purchases and sustained fund outflows from equities.