Rupee trades at 61.24 in early trade

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The rupee lost ground against the dollar and was trading at 61.24 against the dollar, a drop of 11 paise over Monday's close. Weak equity sentiments and fears that the Federal Reserve may taper its QE3 programme this month weighed on sentiments.

There were also worries that the Reserve Bank of India (RBI), which is slated to meet next week may hike interest rates again.

All eyes would now be on the Federal Open Market Committee (FOMC) meet which is slated to end on December 18 for hints of QE3 tapering. Read more on QE3 tapering here

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