The rupee weakened by 13 paise to 57.63 against the dollar in the afternoon trade due to fresh demand for dollar by banks and importers on the back of firm dollar overseas. The rupee shed 18 paise to 57.71 against the dollar in the opening trade on Monday versus the previous close of 57.53 at the Interbank Foreign Exchange market and dropped further to 57.85 per dollar. However, it trimmed its losses afterwards to 57.65 per dollar before quoting at 57.63 per per dollar at 1.57 p.m. local time. Renewed dollar demand from banks and importers in view of firm dollar overseas mainly affected the rupee value against the dollar, a forex dealer said. In the international market, the US dollar edged higher against key rivals in the early trade, coming off a string of losses before the Federal Reserve’s policy decision later this week. The rupee continues to face challenges from India’s rising current account deficit (CAD) and macroeconomic indicators, said dealers.

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