Rupee drops by 20 paise vs dlr in morning trade

Posted By: Pti
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Mumbai, Jan 20 (PTI) The rupee dropped by 20 paise to45.65 against the US currency in early trade on good dollardemand from importers amid weak equity markets.

Month-end dollar demand from importers, mainly oilrefiners, affected the rupee value, a dealer said.

At the Interbank Foreign Exchange (Forex) market, thelocal currency opened lower at 45.62/63 per dollar againstyesterday''s close of 45.45/46 per dollar and moved downfurther to 45.65 per dollar.

The rupee was quoted at 45.56/57 a dollar at 1030 hrs,down by 11 paise against the previous close.

Oil was lower in Asian trade today as investors awaitedthe release of a widely watched US government energy inventoryreport, analysts said. New York''s main contract, light sweetcrude for February delivery, dropped 15 cents to USD 90.71 abarrel and Brent North Sea crude for March delivery was off 15cents to USD 98.01.

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