Rupee drops further by 26 paise | business | Hindustan Times
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Rupee drops further by 26 paise

business Updated: Jun 15, 2009 13:17 IST

The rupee fell by 26 paise to 47.87 against the greenback in morning trade on Monday, in tandem with weak equity market and firm dollar overseas.

In fairly active trade at the Interbank Foreign Exchange (forex) market, the domestic currency resumed lower at 47.77 a dollar against its last weekend's close of 47.61/62 and dropped to quoted at 47.87 a dollar in late morning deals.

The US dollar surged ahead against the basket of currencies in early trade in Asian markets.

Forex dealers said continued weakness in equity markets raised fears of capital outflows by Foreign Institutional Investors, which have been pumping funds in Indian equity since May.

Meanwhile, global oil prices eased below USD 72 a barrel in Asian trade this morning.

Indian benchmark Sensex was down 147 points or 0.96 per cent at 1030 hours. Asian indices were down by about one per cent to four per cent in their early trade.