Rupee drops further by 25 paise, trades at 62.66 Vs dollar - The New Indian Express

Rupee drops further by 25 paise, trades at 62.66 Vs dollar

Published: 08th November 2013 12:06 PM

Last Updated: 08th November 2013 12:06 PM

Moving in line with equity market, the rupee dropped further by 25 paise to 62.66 per dollar in late morning trade today on sustained demand for the US currency from banks and importers, triggered by its firm value overseas.

Persistent capital inflows from foreign funds failed to restrict the rupee's fall following good dollar demand from importers.

The rupee resumed lower at 62.65 per dollar as against the last closing level of 62.41 at the Interbank Foreign Exchange (Forex) Market.

It dropped further to 62.72 before quoting at 62.66 per dollar at 1040 hrs. It moved in a range of 62.62 and 62.72 per dollar during the morning deals.

In the New York market, the US dollar firmed up against the euro yesterday after the European Central Bank surprised currency traders with a cut in its benchmark interest rate.

Meanwhile, crude oil prices rose in Asian trade today but faced downward pressure from easing supply concerns as well as speculation that the US Federal Reserve may begin to taper its stimulus programme soon, analysts said.

New York's main contract West Texas Intermediate (WTI) for December delivery was up 38 cents at USD 94.58.

The Indian benchmark BSE-30 share barometer Sensex dropped by 84.80 points or 0.39 per cent to 20,740.97 at 1050 hrs.

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