Economy

Rupee drops further

PTI Mumbai | Updated on January 05, 2011 Published on January 05, 2011

Forex dealers said besides dollar’s gains against other Asian currencies, weak opening on the stock market also kept pressure on the rupee. -- K.K. Mustafah   -  Business Line

The rupee dropped further by 28 paise to Rs 45.26 against the American currency in the early trade on persistent dollar demand from banks and corporates on the back of firm dollar overseas.

At the fairly active Interbank Foreign Exchange (forex) market, the domestic currency opened lower at Rs 45.22/24 as against yesterday’s closing level of Rs 44.98/99 a dollar and declined further to Rs 45.26 per dollar before quoting at Rs 45.18/20 a dollar at 10.30 hrs.

It moved in a range of Rs 45.14 and Rs 45.26 in the early deals.

Sustained dollar demand from banks and corporates due to higher dollar in global markets mainly affected the rupee value against dollar, a forex dealer said.

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Published on January 05, 2011
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