Indian rupee drops by 31 paise, trades at 62.24 vs US dollar

Written by PTI | Mumbai | Updated: Jan 25 2014, 02:49am hrs
Indian rupeeIndian rupee fell 20 paise to 62.13 against the US dollar in early trade at the Interbank Foreign Exchange market. Reuters
The Indian rupee dropped further by 31 paise to 62.24 against the American currency in late morning deals today on persistent dollar demand from banks and importers.

The Indian rupee resumed lower at 62.12 per dollar as against the last closing level of 61.93 at the Interbank Foreign Exchange (Forex) Market.

It dropped further to 62.25 before quoting at 62.24 per dollar at 1045 hours.

It hovered in a range of 62.10-62.25 per dollar during the morning deals.

Sustained demand for the US currency from banks and importers in view firm dollar overseas mainly affected the rupee value, a forex dealer said.

In the global market, the US dollar was recovering from its drop against most major rivals following global slowdown concerns that led investors to shove the greenback lower.

Meanwhile, the Indian benchmark BSE-30 share barometer Sensex dropped by 125.72 points of 0.59 per cent to 21,247.94 in the late morning trade.