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Rupee drops by five paise vs dollar in early trade

Rupee drops by five paise vs dollar in early trade
PTI
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First Published: Mon, Aug 04 2008. 12 40 PM IST
Updated: Mon, Aug 04 2008. 12 40 PM IST
Mumbai: The Indian rupee dropped by five paise on 4 August to 42.4050/4150 against the greenback on good demand for dollars from banks from oil companies in view of rise in oil prices in global markets.
At the Interbank Foreign Exchange (Forex) market, the domestic unit resumed lower at 42.44/45 a dollar from Friday’s level of 42.35/36 before being quoted at 42.4050/4150 at 11:30am.
Oil prices rose above $126 in Asian trade over fresh worries about Iran’s disputed nuclear programme and a new storm brewing in the Gulf of Mexico, dealers said.
In morning trade, New York’s main contract, light sweet crude for September delivery, jumped $1.12 to $126.22 a barrel from its close of $125.10 on Friday.
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First Published: Mon, Aug 04 2008. 12 40 PM IST
More Topics: Rupee | Dollar | Foreign Exchange | Oil | Iran |