For Quick Alerts
For Daily Alerts

Rupee drops further by 19 paise; trades at 62.58 Vs dollar

By Super

Mumbai, Nov 7 (PTI) The rupee dropped further by 19 paise to 62.58 against dollar in late morning trade today on persistent demand for the US currency from banks and importers despite its weakness overseas.

However, sustained capital inflows by foreign funds into equity market restricted the rupee's fall, a forex dealer said. The Indian unit resumed slightly higher at 62.35 per dollar as against the last closing level of 62.39 at the Interbank Foreign Exchange (Forex). However, it dropped immediately to 62.66 before quoting at 62.58 per dollar at 1045 hours.


The rupee moved in a range of 62.33 and 62.66 per dollar during the morning deals. In New York market, the US dollar fell yesterday as investors focused on research suggesting that the Federal Reserve may lower its 6.5 per cent unemployment-rate threshold for raising short-term interest rates, which would effectively keep those rates near zero for longer than currently expected. Meanwhile, the BSE benchmark index Sensex was quoted higher by 26.99 points, or 0.13 per cent, to 20,921.93 at 1050 hours.


Read more about: dollar
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more