Rupee drops sharply against dollar

Rupee drops sharply against dollar
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First Published: Wed, May 07 2008. 12 19 PM IST
Updated: Wed, May 07 2008. 12 19 PM IST
PTI
Mumbai: The Indian rupee fell further sharply by 19 paise to 41.13/14 against the greenback in morning trade, as oil companies stepped up dollar buying after the global crude oil hit yet another high amid weakness in local stock.
At the Interbank Forex market, the local currency resumed weak at 41.01/02 per dollar from its last close of 40.94/95 and dropped further to 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.
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First Published: Wed, May 07 2008. 12 19 PM IST