Rupee drops by another 19 paise vs dollar

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Money
Mumbai, Apr 25: The Indian rupee was down by 19 paise at 44.55 per US dollar in early trade on Monday, Apr 25 on persistent month-end dollar demand from importers and banks.

At the Interbank Foreign Exchange, the local currency opened lower at 44.45/46 per dollar as against last weekend''s level of 44.36/37 per dollar and moved down further to 44.55 per dollar before quoting at 44.50/51 per dollar at 1030 hours.

It hovered in a range between 44.44 and 44.55 per dollar in morning deals.

Sustained dollar demand from importers, mainly oil refiners, affected the rupee value against the dollar, a forex dealer said.

Meanwhile, crude oil was up in Asian trade today as escalating tensions in Libya, Syria and Yemen heightened fears of supply disruptions in the Middle East and North African region.

New York's main contract, light sweet crude for delivery in June, rose 52 cents to USD 112.81 a barrel.

PTI

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