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Rupee drops 14 paise

MUMBAI: The rupee failed to sustain last weekend's rally and on Monday fell by 14 paise to 46.9050/9150 a dollar, driven lower by hectic month-end dollar demand from oil companies and corporates. The rupee opened weak at 46.76/77 against last Friday's close of 46.76/77 and later touched a low of 47 in quiet active trade. Lack of exporter dollar sales and absence of central bank intervention to halt the slide as well as dwindling supplies compounded the rupee's woes, dealers said.

PTI

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