Rupee drops by 37 paise vs dollar in late morning trade

  • None
  • Updated: Dec 19, 2013 12:00 IST

The rupee dropped further by 37 paise to 62.46 against the American currency in the late morning trade on persistent dollar demand from banks and importers on the back of higher dollar in the overseas market.



Fears of slow down in the foreign capital inflows into Indian equity market following decision of Federal Open Market Committee on tapering also affected the rupee sentiment, a forex dealer said.



The stock market sentiment was hit adversely after the Federal Open Market Committee (FOMC), following a two-day monetary policy meeting, yesterday announced plans to cut its monthly bond purchases to $75 billion from $85 billion.



The rupee resumed lower at 62.25 per dollar as against the last closing level of 62.09 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to 62.47 per dollar before quoting at 62.46 per dollar at 1100hrs.



It hovered in a range of 62.25-62.47 per dollar during the morning deals.



In the New York market, the US dollar surged above 104 yen yesterday after the Federal Reserve said it would slow the rate of its monetary stimulus by $10 billion from January.



Meanwhile, the Indian benchmark Sensex dropped by 189 points or 0.91% to 20,670.70 at 11am.

From Around the Web
Sponsored by Revcontent

also read

Govt will have to create an ecosystem of trust to pass GST: Mitra
Show comments

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Chrome and Ad BlockPlus users

1.Press the ‘ABP’ icon in your toolbar at top right of this page

2. Click on ‘Enabled on this site’; this should now change to ‘Disabled on this site’


chrome



For Chrome and Ad Block users

1.Press the ‘AdBlock’ icon in your toolbar

2.Select the option ‘Don’t run on pages on this domain’ and then click ‘exclude’ on the pop up


chrome

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Mozilla and AdBlock Plus (ABP) users

1.Press the ‘ABP’ icon in your toolbar

2.Select the option ‘Disable on hindustantimes.com’


chrome

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Internet Explorer and AdBlock Plus users

1.Press the ‘AdBlock Plus’ icon in your status bar at the bottom of the screen

2.Select the option ‘Disable on hindustantimes.com’


chrome

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Safari and AdBlock users

1.Press the ‘AdBlock’ icon in your toolbar

2.Select the option ‘Don't run pages on this domain’ and then click 'exclude'


chrome