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Rupee drops by 14 paise against dollar

Renewed dollar demand from banks and importers in view of higher dollar in overseas market kept up pressure on the rupee against the US dollar, a forex dealer said.

twitter-logo PTI   Mumbai     Last Updated: January 7, 2011  | 12:40 IST

The Indian rupee declined by 14 paise to Rs 45.38 a dollar at 11.45 am on Friday on fresh dollar demand from banks and importers on the back of higher dollar overseas.

At the Interbank Foreign Exchange (Forex) market, the domestic unit opened lower at Rs 45.40/41 a dollar from overnight close of 45.2450/2550 and dropped further to 45.45 per dollar before quoting at 45.38 at 11.45 am.

Renewed dollar demand from banks and importers in view of higher dollar in overseas market kept up pressure on the rupee against the US dollar, a forex dealer said.

In New York market, the dollar extended gains against Euro yesterday, as traders adjusted expectations for the release of US employment data for December from the Labour Department.

Meanwhile, oil prices rose to near $89 a barrel today in Asia, as traders awaited an important monthly employment report for signs the US economy is strengthening.

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