Rupee loses ground; drops below 54 to the dollar

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 Rupee loses ground; drops below 54 to the dollar
The rupee fell below the 54 mark once again, as commodities including gold rallied. The rupee was last trading at 54.14, a drop of 17 paise over last week's closing.

Demand from crude oil importers was one of the reasons for today's drop dealers say. Last week the rupee had rallied passed the 54 mark for the first time in many weeks, as a fall in crude oil and gold it was believed would help control India's current account deficit, which has surged to record levels.

Though India's stock markets performed remarkably well last year, the rupee did not gain much as rising imports curbed gains.

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