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Rupee drops 21 paise in morning trade

At the Interbank Foreign Exchange (Forex) market, the domestic unit opened lower at 45.53/55 per dollar from its previous close of 45.40/41 per dollar.

twitter-logo PTI   Mumbai     Last Updated: November 23, 2010  | 12:08 IST

The Indian rupee fell 21 paise to 45.61 against the American currency in the morning trade on a firm dollar overseas, increased dollar demand from banks and corporates amid a sharp fall in equity market.

At the Interbank Foreign Exchange (Forex) market, the domestic unit opened lower at 45.53/55 per dollar from its previous close of 45.40/41 per dollar and dropped further to 45.61 per dollar before quoting at 45.54/56 per dollar at 10.30 am.

Forex dealers attributed the fall in rupee's value to fresh dollar demand from banks and corporates on the back of its strong valuation in the New York market.

The dollar rose against the euro, as the European Union currency was beset by fears of Ireland facing a downgrade in credit-ratings amidst a wider debt crisis.

Meanwhile, the Indian benchmark Sensex opened 217.20 points lower than the previous close on global worries.

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