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The rupee dropped further by 14 paise to 44.90 per US dollar in early trade today on sustained dollar demand from banks and corporates despite weakness of the dollar in overseas market
In active trade at the Interbank Foreign Exchange, the local unit started lower at 44.84/85 per dollar against the overnight closing level of 44.76/77 per dollar and declined further to 44.90 per dollar before quoting at 44.79/80 per dollar at 1030 hours.
The US dollar gave back a bit of ground in Asian trading today ahead of the release of key US jobs data later in the global trading day.
The dollar index which measures the greenback against a basket of six currencies, stood at 74.028 in early trade, down slightly from 74.143 recorded in late North American trading on Thursday.
Oil prices rebounded in Asia today as traders snapped up bargains a day after New York’s main contract suffered its biggest fall in more than two years. New York’s main contract, West Texas Intermediate (WTI) light sweet crude for delivery in June, rose 78 cents to $100.58 a barrel after diving more than eight per cent to $99.80 yesterday - the first time it had fallen below $100 since March 16.
A stronger greenback makes dollar-priced crude more expensive for traders using other currencies
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