Indian rupee drops by 33 paise vs dollar in late morning trade

Aug 14 2013, 12:23 IST
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Increased import duties could not prevent Indian rupee from sliding towards record lows. (AP) Increased import duties could not prevent Indian rupee from sliding towards record lows. (AP)
SummaryIncreased import duties could not prevent Indian rupee from sliding towards record lows.

The rupee dropped by 33 paise to 61.52 against the US currency in late morning trade on good dollar demand from banks and importers in spite of measures by RBI to arrest fall of the domestic unit amid steady dollar in overseas market.

The rupee resumed lower at 61.54 per dollar as against the last closing level of 61.19 per dollar at the Interbank Foreign Exchange (Forex) Market and hovered in a range of 61.32 and 61.56 per dollar before quoting at 61.52 at 1050hrs.

In the global market, the US dollar held steady against the euro in early trade today ahead of quarterly gross domestic product figures that may show Europe shutting the door on its long-running recession.

Oil prices were lower in Asia today as caution set into the market ahead of a US crude inventory report, analysts said. New York's main contract, West Texas Intermediate for delivery in September was down 24 cents at USD 106.59 a barrel in mid-morning trade, and Brent North Sea crude for September shed 42 cents to USD 109.40.

Meanwhile, the BSE benchmark Sensex rose by 47.57 pts, or 0.25 per cent, to 19,277.41 at 1100hrs.

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