Rupee Drops 17 Paise Vs Dollar

Rupee Drops 17 Paise Vs DollarThe Indian currency declined further to 55.91 after shedding 17 paise as compared to the US currency on persistent demand for the American currency from banking institutions as it tautened against other currencies too amid feeble stock markets.

The rupee started the day on a low note at 55.80 per dollar from the previous closing level of 55.74 at the Interbank Foreign Exchange (Forex) Market.

The Indian unit struck between 55.75 and 55.98 per dollar before quoting at 55.91 at 1030hrs.

A forex trader stated that the continued demand for the US currency from banks and corporates on account of sturdy dollar in the abroad market largely affected the rupee value.

In New York, the US currency closed higher versus the euro yesterday on lingering worries about Greece's debt disaster and the lack of clarity on $125 billion bailout plan for Spain's banking institutions.

The 30-share index BSE Sensex was down 55 points (0.33%) during the morning trade.

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