Rupee drops 9 paise at 60.62 to the dollar

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Rupee drops 9 paise at 60.62 to the dollar
The rupee dropped nine paise at 60.62 against the dollar, in early trade. Weakish equity sentiments across the globe, contributed to the marginal decline in the rupee.

The currency has been rallying in the last few days on the back of strong dollar flows from foreign funds. Dealers say the RBI may not allow the rupee to rally beyond the 60 levels to ensure that exports remain competitive.

In August last year, the rupee fell to a historic low of 68.86 against the dollar, but has recovered significantly in the last one year. To check rupee rates against major currencies click here

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