Friday, November 1, 2013

Rupee drops 36 paise against dollar in late morning trade

The rupee dropped 36 paise to 61.86 against dollar in late morning trade on persistent demand for the U.S. unit from banks and importers amid a firm dollar overseas.

In spite of sustained foreign inflows into Indian equities, the rupee declined against the U.S. currency for the second consecutive day on the back of firmness in dollar in global markets.

The Indian unit resumed lower at 61.95 per dollar, as against the last closing level of 61.50, at the Interbank Foreign Exchange (Forex) market and hovered in a range of 61.80-61.96 before quoting at 61.86 a dollar at 1040hrs.

In New York market, the US dollar jumped against the euro on Thursday even as euro-zone inflation in October dropped below 1 per cent to its lowest level in nearly four years.

Meanwhile, the Indian benchmark Sensex rallied to an all-time high of 21,293.88 in early trade before quoting at 21,210.48 at 1045 hrs, showing a rise of 45.96 points, or 0.22 per cent.
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