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Rupee drops three paise

MUMBAI: The rupee on Tuesday turned weak against the U.S. dollar on fresh dollar demand after the U.S. unit rose against major world currencies even as foreign institutional investment inflows into the stock market continue to be satisfactory.

On the interbank foreign exchange market, the Indian unit opened with fresh losses at 44.41/42 a dollar against 44.40/41 and declined further to close at 44.43/44, showing a fall of three paise over the previous close. The RBI fixed the reference rate for the dollar at Rs. 44.3800 and for the Euro at Rs. 53.8400.

PTI

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