The rupee dropped by 13 paise to 44.60 against the US dollar today on fresh dollar demand from banks and corporates amid dollar firmness overseas.
At the Interbank Foreign Exchange, the local currency opened lower at 44.58/59 a dollar as against the overnight closing level of 44.47/48 a dollar and eased further to 44.60 a dollar before quoting at 44.54/55 a dollar at 10.30 am.
The domestic currency moved in a range between 44.47 and 44.60 a dollar in the morning deals.
The dollar pared its losses in midday trading in New York market yesterday after touching its lowest level against the euro since December, 2009, as US stocks and commodities extended their declines following weaker-than-forecast US services sector data.