Rupee drops sharply against US dollar

The Indian rupee fell further sharply by 19 paise to Rs 41.13/14 against the American currency in the morning trade.

The Indian rupee fell further sharply by 19 paise to Rs 41.13/14 against the American currency in the morning trade as oil companies stepped up dollar buying after the global crude oil hit yet another high amid weakness in local stock.

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At the Interbank Forex market, the local currency resumed weak at Rs 41.01/02 per dollar from its last close of Rs 40.94/95 per dollar and later it dropped further to Rs 41.13/14 per dollar in late morning trade.

Dealers said, oil companies were seen taking up dollar positions in the light of soaring oil prices in the global market.

Meanwhile, the Indian benchmark Sensex was trading lower in early trade while other Asian indices were ruling mixed.