Rupee drops by 8 paise against dollar

Mumbai, August 21 – The rupee dropped by 8 paise to 63.33 against the American currency in the late morning trade on mild dollar demand from banks and importers on the back of higher dollar in overseas market.

 

The rupee resumed lower at 63.45 per dollar as against the yesterday's closing level of 63.25 per dollar at the Interbank Foreign Exchange (Forex) Market. It recovered sharply to 63.10 per dollar following dollar selling by banks.

 

However, fresh demand from importers once again weighed on rupee which quoted at 63.33 per dollar at 1040hrs. It hovered in a range of 63.10-63.46 per dollar during the late morning deals.

 

In the global market, the American currency advanced against most key rivals in early trade, ahead of Federal Reserve meeting minutes that may shed more light on the timing of an expected reduction in monetary stimulus. Meanwhile, the Indian benchmark sensex rose by 184.40 points or 1.01% to 18,430.44 at 1050hrs.

 

TOI