Press Trust of India
MUMBAI, 2 SEP: The Indian rupee dropped sharply by 90 paise to 66.90 against the American currency in the late morning trade on persistent dollar demand from banks and importers on the back of firm dollar in overseas amidst sudden fall in equity market.
The rupee resumed lower at 66.29 per dollar as against the last closing level of 66.00 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to a low of 66.90 per dollar.
However, it trimmed its losses and was quoted at 66.78 per dollar at 1040hrs.
It hovered in a range of 66.25 per dollar and 66.90 per dollar during the late morning deals.
In the global market, the British pound rose yesterday after upbeat manufacturing data confirmed the UK is seeing signs of recovery, while the dollar also moved broadly higher ahead of a rush of data and central-bank policy decisions due this week.
Crude oil prices eased in Asian trade today on receding fears of an immediate US intervention in Syria but upbeat global economic data capped losses, analysts said.
Meanwhile, the Indian benchmark sensex dropped by 140 points or 0.74 per cent to 18,746.27 at 1040hrs.