Mumbai, May 15: The rupee declined by 28 paise to a fresh 16-month low of 67.79 against the dollar in early trade today 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.

Yesterday, 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. Meanwhile, the benchmark BSE Sensex fell by 57.88 points, or 0.28 per cent, to 35,498.83 in early trade today.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)