Rupee drops 34 paise at 61.78 Vs dollar in late morning deals
Mumbai: In line with equity market, the rupee snapped its three-day winning spree and was lower by 34 paise at 61.78 in late morning trade on Monday on renewed dollar demand from banks and importers amid its higher value overseas.
The rupee resumed lower at 61.50 per dollar as against the last weekend's level of 61.44 at the Interbank Foreign Exchange (Forex) Market.
It dropped further to 61.85 before quoting 61.78 per dollar at 1045 hours.
It moved in a range of 61.50 and 61.85 per dollar during the morning deals.
Crude oil prices edged lower in Asian trade today on growing concerns that the US budget crisis could spiral into a devastating debt default and ravage the global economy.
New York's main contract, West Texas Intermediate for delivery in November fell 57 cents to USD 103.27 in mid-morning trade.
In New York market, the dollar rebounded against the euro and yen last Friday.
Meanwhile, the Indian benchmark BSE-30 share index Sensex dropped by 188 points or 0.94 percent to 19,728.38 at 1050 hours.
More from India
More from World
More from Sports
More from Entertaiment
- 7th Pay Commission recommends 23.55% hike in salary for central govt employees; minimum salary set at Rs 18,000 per month
- Shocking fact of pay 'hike' in 7th Pay Commission recommendations!
- Full Report of 7th Pay Commission
- E-commerce war: Paytm Diwali sale offers 100% cashback on 25 million products
- Unbelievable! Clean and healthy meals on Indian Railways at just Rs 20