Rupee drops by 8 paise against dollar

Posted By: Staff
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Rupee drops by 8 paise against dollar
The Indian rupee dropped by eight paise to 55.03 against the American currency in the late morning trade on month-end dollar demand from importers and banks.

The rupee resumed lower at 55.07 per dollar as against the Monday's close of 54.95 per dollar at the Interbank Foreign Exchange (Forex) Market and hovered in a range of 54.95 per dollar and 55.08 per dollar before quoting at 55.03 per dollar at 1045 hrs. Fresh month-end dollar demand from importers, mainly oil refiners, affected the rupee value against the dollar, a forex dealer said. Oil prices were up in post-Christmas Asian trade today as traders warily eyed the soon-to-resume US budget talks on a deal to avert the fiscal cliff, analysts said.

New York's main contract, light sweet crude for delivery in February rose 46 cents to USD 89.07 a barrel. Meanwhile, the Indian benchmark Sensex moved up by 45 points or 0.23 pct to 19,300.29 at 1055hrs.


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