Rupee drops to fresh 2-year low of 48.25 vs dollar

Mumbai, Sep 20: The Indian rupee was down by 44 paise at a fresh two-year low of Rs 48.25 per US dollar in early trade on Sep 20 on persistent demand for the American currency from banks and importers on the back of dollar firmness in overseas market.

The rupee resumed lower at 48.15/16 per dollar on the Interbank Foreign Exchange, as against its previous closing level of Rs 47.81/82 per dollar, before tumbling further to Rs 48.25 per dollar, a level last seen on September 25, 2009, as worries over Europe's debt crisis deepened after ratings agency Standard.

PTI