MUMBAI: The rupee dropped further by 28 paise to Rs 45.26 against the American currency in the early trade on persistent dollar demand from banks and corporates on the back of firm dollar overseas.
At the fairly active Interbank Foreign Exchange (Forex) market, the domestic currency opened lower at Rs 45.22/24 as against yesterday's closing level of Rs 44.98/99 per dollar and declined further to Rs 45.26 per dollar before quoting at Rs 45.18/20 per dollar at 1030 hrs.
It moved in a range of Rs 45.14 and Rs 45.26 in the early deals.
Sustained dollar demand from banks and corporates due to higher dollar in global markets mainly affected the rupee value against dollar, a forex dealer said.
Meanwhile, oil was down in Asian trade today, as investors moved in to make profits following a rally that took the commodity to two-year highs.
New York's main contract, light sweet crude for February delivery, dipped 38 cents to USD 89 per barrel.
Oil prices were also hampered by a late rebound in the US currency, making dollar-priced crude more expensive for buyers using weaker currencies. In turn, that tends to dent demand and prices.
Read more: Rupee drops further by 28 paise against dollar - The Times of India http://timesofindia.indiatimes.com/business/india-business/Rupee-drops-further-by-28-paise-against-dollar/articleshow/7221047.cms#ixzz1A9U2YvKo
At the fairly active Interbank Foreign Exchange (Forex) market, the domestic currency opened lower at Rs 45.22/24 as against yesterday's closing level of Rs 44.98/99 per dollar and declined further to Rs 45.26 per dollar before quoting at Rs 45.18/20 per dollar at 1030 hrs.
It moved in a range of Rs 45.14 and Rs 45.26 in the early deals.
Sustained dollar demand from banks and corporates due to higher dollar in global markets mainly affected the rupee value against dollar, a forex dealer said.
Meanwhile, oil was down in Asian trade today, as investors moved in to make profits following a rally that took the commodity to two-year highs.
New York's main contract, light sweet crude for February delivery, dipped 38 cents to USD 89 per barrel.
Oil prices were also hampered by a late rebound in the US currency, making dollar-priced crude more expensive for buyers using weaker currencies. In turn, that tends to dent demand and prices.
Read more: Rupee drops further by 28 paise against dollar - The Times of India http://timesofindia.indiatimes.com/business/india-business/Rupee-drops-further-by-28-paise-against-dollar/articleshow/7221047.cms#ixzz1A9U2YvKo
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