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Rupee drops 31 paise vs dollar

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Rupee drops 31 paise vs dollar
The rupee dropped by 31 paise to 55.01 against the dollar in late morning trade today on fresh demand of the American currency from banks and importers. The rupee resumed lower at 54.85 per dollar as against the last closing level of 54.70 at the Interbank Foreign Exchange (Forex) and declined further to 55.02 before quoting 55.01 at 1040 hrs.

It moved in a range of 54.87 and 55.02 per dollar during the morning deals. Renewed dollar demand from banks and importers mainly affected the rupee value, a forex dealer said. In New York, a broadly weaker Japanese yen took the currency spotlight yesterday falling to a six-month low against the US dollar, on reports of more pressure for the Bank of Japan to substantially loosen monetary policy. Meanwhile, the BSE benchmark index, Sensex, recovered by 61.08 points or 0.33 percent to 18,532.45 at 1050 hrs. PTI RSU GK DKR

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