Rupee drops sharply to 64.20 per dollar

Mumbai, August 26 –  The rupee dropped sharply to 64.20 per dollar in late morning trade on Monday on good demand for the US currency from banks and importers due to rise in crude oil prices.

 

The rupee resumed lower at 63.65 per dollar as against the last weekend's level of 63.20 at the Interbank Foreign Exchange (Forex) Market and dropped further to 64.20 at 1040 hours, showing a fall of 100 paise or 1.58 per cent.

Oil prices climbed in Asian trade today as disappointing US housing data tempered expectations of stimulus tapering by the Federal Reserve.

New York's main contract, West Texas Intermediate for delivery in October, rose 36 cents to USD 106.78 in mid-morning trade.

In the global market, the US dollar swung between small gains and losses against major currencies after Federal Reserve officials wrapped up a yearly gathering, appearing ready to start slowing monetary stimulus next month.

Meanwhile, the Indian benchmark BSE-30 share index, Sensex, firmed up by 88 points or 0.48 per cent to 18,607.61 at 1050 hours.

 

Source: TOI