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The rupee depreciated 23 paise to a three-month low of 51.70 against the US dollar in the late morning trade today due to sustained demand for the American currency from importers and weak equity markets.
The rupee resumed lower at 51.51/52 per dollar at the Interbank Foreign Exchange (Forex) market against the last closing level of 51.47/48 and dropped further to 51.70 before quoting at 51.52/53 per dollar at 10.30 am.
The domestic currency moved from 51.45-51.70 against the dollar in the morning deals.
Forex dealers said that strong demand for the American currency from importers, some banks and oil refiners amid weakness in Indian stock markets impacted the rupee value.
The BSE 30-scrip index Sensex fell 134.13 points or 0.78 per cent in the early trade. In New York, the dollar was lower against major rivals yesterday.
Meanwhile, crude oil prices moved up in Asian trade today. Brent North Sea crude for May gained 24 cents to $120.12 in the morning trade, according to reports.
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