Rupee extends weakness against US dollar, slips 13 paise

The rupee weakened by 13 paise to 70.24 against the US dollar in opening trade today on increased demand for the American currency from importers and banks.

Forex dealers said a firm dollar in overseas markets, ahead of Federal Reserve Chairman Jerome Powell speech at the annual global central bank conference in Jackson Hole later in the day, weighed on the rupee.

Yesterday, the domestic currency had lost 30 paise to end at 70.11 against the greenback due to renewed worries about a hike in US interest rates and rising global trade war jitters.

Meanwhile, the benchmark BSE Sensex retreated from record high by falling 48.88 points, or 0.13 per cent, to 38,287.78 in early trade today.