Rupee drops by 14 paise against dollar at 1145 hrs | business | Hindustan Times
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Rupee drops by 14 paise against dollar at 1145 hrs

The Indian rupee declined by 14 paise to Rs 45.38 a dollar at 1145 hrs today on fresh dollar demand from banks and importers on the back of higher dollar overseas.

business Updated: Jan 07, 2011 13:22 IST

The Indian rupee declined by 14 paise to Rs 45.38 a dollar at 1145 hrs today on fresh dollar demand from banks and importers on the back of higher dollar overseas.

At the Interbank Foreign Exchange (Forex) market, the domestic unit opened lower at Rs 45.40/41 a dollar from overnight close of 45.2450/2550 and dropped further to 45.45 per dollar before quoting at 45.38 at 1145 hrs.

Renewed dollar demand from banks and importers in view of higher dollar in overseas market kept up pressure on the rupee against the US dollar, a forex dealer said.

In New York market, the dollar extended gains against Euro on Mumbai, as traders adjusted expectations for the release of US employment data for December from the Labour Department.

Meanwhile, oil prices rose to near USD 89 a barrel on Friday in Asia, as traders awaited an important monthly employment report for signs the US economy is strengthening.