Rupee drops 12 paise against dollar in late morning trade


RupeeMumbai, Feb 17 (PTI) The rupee dropped by 12 paise to 62.05 per dollar in late morning trade on good dollar demand from banks and importers despite weakness of the American currency in the overseas market.

The rupee resumed lower at 61.96 per dollar as against the last weekend’s level of 61.93 per dollar the Interbank Foreign Exchange (Forex) Market and dropped further to 62.09 per dollar before quoting at 62.05 per dollar at 1045 hrs.

It moved in a range of 61.95-62.09 per dollar during the late morning deals.

In New York market, the dollar lost ground against most major rivals on last Friday amid mixed US data on industrial production and consumer sentiment.

Also, the euro advanced amid a report showing the euro-zone economic recovery picked up speed.

Meanwhile, the benchmark BSE Sensex moved up by 35.15 points, or 0.17 per cent, to 20,401.97 at 1045 hrs.


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