Rupee drops 15 paise against dollar

Mumbai, Apr 27: The rupee dropped 15 paise to 52.70 against the US dollar in the late morning trade on month-end demand for the American currency from importers.

The rupee fell despite weak dollar in the overseas. It resumed higher at 52.47/48 per dollar at the Interbank Foreign Exchange (Forex) market as against the last closing level of 52.55/56 per dollar but declined immediately to 52.70 per dollar before quoting at 52.61/62 per dollar at 1030hrs.

The rupee moved between 52.49 and 52.70 per dollar during the morning deals. Month-end dollar demand from oil refiners affected the rupee value against the dollar, a forex dealer said. In the New York market, the dollar fell against the Japanese yen yesterday. It also slipped against the euro.

PTI