The rupee drops 31 paise to 64.52 against the US dollar in opening trade at the inter bank forex market today .This happened due to increased demand for the greenback from importers and banks.
A currency dealer said “A strong dollar in overseas markets weighed on the Indian rupee”.
Because of rising global crude prices and worsening trade deficit, the rupee had ended 30 paise lower at 64.21 against the US dollar on friday. According to the provisional FPI data,the foreign investors withdrew Rs 895.79 crore from stocks yesterday on a net basis.
Image Courtesy : The Hindu