Rupee plunges 74 paise at 66.50 against US dollar in early trade

Mumbai: The rupee slipped below the 66-level by tumbling 74 paise, or 1.11 per cent, at 66.50 against the US dollar in early trade on Monday on strong demand for the American currency from banks and importers.

Gains in the dollar against major global currencies following surge in US jobs in October put pressure on the Indian unit, dealers said. Besides, a lower opening in domestic equity markets, weighed on the rupee, they added.

The rupee had closed one paise lower at 65.76 against the US dollar at the Interbank Foreign Exchange on Friday.

Meanwhile, the benchmark BSE Sensex dipped below the 26,000-mark by slumping 608.34 points, or 2.31 per cent, at 25,656.90 in early trade.