Rupee drops 28 paise, trades at 61.32 against dollar

MUMBAI: In line with the stock market, the rupee dropped by 28 paise to 61.32 against the dollar in late morning trade today on fresh demand for the US currency from banks and importers.

The rupee resumed lower at 61.23 per dollar as against yesterday's closing level of 61.04 at the Interbank Foreign Exchange ( Forex) Market.

It dropped further to 61.42 before quoting at 61.32 per dollar at 1040 hours.

It hovered in a range of 61.23 and 61.42 per dollar during the late morning deals.

Banks and importers preferred to increase their dollar position at the current level, a forex dealer said.

Meanwhile, the benchmark BSE-30 share index, Sensex, dropped by 108.99 points or 0.51 per cent to 21,146.47 at 1045 hours.