Rupee plunges by 50 paise against dollar in early trade

Mumbai: The rupee plummeted by 50 paise to 62.66 against the US dollar in early trade on Monday as the American currency strengthened overseas.

Forex dealers said besides the dollar's gains against other currencies overseas on an upbeat US jobs data, fresh demand from importers for the Greenback and a weak opening in the domestic stock market put pressure on the rupee.

The domestic unit had gained 9 paise to finish at 62.16 against the American currency on Thursday on the back of dollar selling by banks and exporters amid rise in equities. Forex market remained closed on Friday on account of 'Holi'.

Meanwhile, the benchmark BSE Sensex tumbled by 340.69 points, or 1.16 per cent, to 29,108.26 in early trade.