Rupee dips further by 8 paise against dollar ahead of RBI policy

The rupee was trading lower by eight paise at 64.51 against the US dollar in early trade on Wednesday at the forex market amid caution ahead of the Reserve Bank of India's (RBI) bi-monthly policy meet outcome due later in the day.

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Forex dealers said increased demand for the US currency from importers as also the greenback's gains against rivals overseas put pressure on the rupee.

On Tuesday, the rupee had ended seven paise lower at 64.43 against the US dollar.

Meanwhile, the benchmark BSE Sensex was trading higher by 99.42 points, or 0.31%, at 31,289.98 in opening deals. 

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