Rupee nears two-month low against US dollar, drops 83 paise
Mumbai: The rupee dropped by 83 paise to 63.30 against the American currency after a gap of nearly eight weeks on persistent dollar demand from importers and banks on the back of higher dollar overseas.
The rupee resumed lower at 63.00 per dollar as against the last weekend's level of 62.47 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to 63.32 per dollar before quoting at 63.30 per dollar at 1040 hrs.
It moved in a range of 62.94 per dollar and 63.32 per dollar during the morning deals.
Sustained dollar demand from importers and banks in view of firm dollar overseas mainly affected the rupee value against the dollar, a forex dealer said.
In New York, the American currency jumped last Friday after the US created twice as many jobs in October as Wall Street had expected, sparking yet another round of discussion about when the Federal Reserve could slow its bond buys.
Meanwhile, the Indian benchmark Sensex dropped further by 129 points, or 0.62 percent, to 20,537.37 at 1050 hrs.
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