The rupee dropped by 8 paise to 60.37 against the American currency on fresh dollar demand from banks and importers due to firmness of the US unit in the overseas market.
The rupee resumed slightly lower at 60.30 per dollar as against the last weekend’s level of 60.29 at the Interbank Foreign Exchange (Forex) market and dropped further to 60.38 per dollar before quoting at 60.37 at 1000 hrs (IST).
It moved in a range of 60.30 and 60.38 per dollar during the morning deals.
Fresh demand for the US unit from banks and importers in view of higher dollar in the overseas market mainly affected the rupee value against the greenback, a forex dealer said.
In New York market, the dollar rose against the Japanese yen on last Thursday after a round of positive US data in a holiday-shortened week.
