Mumbai: The Indian rupee dropped further by
46 paisa to 46.90 against the greenback on persistent demand
for dollar from oil companies amid sharp fall in equity
market.
The rupee resumed lower at 46.85/87 per dollar against
the yesterday's closing level of 46.44/45 per dollar and
dropped further to 46.90 per dollar before quoting at 46.77/78
at 10:30 hours.
Asian stocks slumped today as the Dubai-debt shockwaves
hit the region, shaking banking shares and pushing yen to a
fresh 14-year high against struggling dollar as investors
unwound risky trades.
Dealers at the Interbank Foreign Exchange (forex) market
said oil refiners bought dollars for their monthly import
payments.
They said a sharp fall in local stocks after a meltdown
in Asian markets also weighed on the rupee sentiment.
Indian benchmark Sensex today dropped further by 338
points or 2.01 percent in the early trade.
PTI
First Published: Friday, November 27, 2009, 11:28