Rupee drops further

PTI Mumbai | Updated on January 17, 2011 Published on January 17, 2011

Dealers said rupee weakened due to dollar’s gains against other Asian currencies overseas and weak opening on the domestic stock markets. P.V. Sivakumar   -  Business Line

The rupee dropped further by 24 paise against the US currency on Monday on persistent dollar demand from banks coupled with sustained capital outflows by foreign funds in view of weak equity markets.

In fairly active trade at the Interbank Foreign Exchange (forex) market, the local currency opened lower at 45.42/43 a dollar as against the last weekend’s level of 45.36/37 a dollar and declined further to 45.60 a dollar before quoting at 45.51/52 a dollar at 10.30 a.m.

It moved in the range of 45.42 a dollar and 45.60 a dollar during the morning deals.

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Published on January 17, 2011
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