Rupee drops 14 paise in early trade

Commentary

oi-Sunil

By Sunil Fernandes

Published: Thursday, October 31, 2013, 9:09 [IST]

The Indian rupee dropped 14 paise in early trade on weak global cues and after the Federal Reserve maintained a lesser dovish tone after its Open Market Committee Meet.

The rupee was last trading at 61.38, a drop of 14 paise over Wednesday's close of 61.24.

The rupee has seen a sharp recovery in the last few weeks after hitting a record low of 68.81 earlier this year. Reserve Bank of India intervention and government policies have ensured a recovery in the rupee.

Dealers say the rupee is likely to stay rangebound in the coming weeks and will now await global cues. Check rupee rates here

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