Rupee drops by 33 paise against dollar

The rupee dropped by 33 paise to 61.52 against the US currency in late morning trade on good dollar demand from banks and importers in spite of measures by RBI to arrest fall of the domestic unit amid steady dollar in overseas market.

The rupee resumed lower at 61.54 per dollar as against the last closing level of 61.19 per dollar at the Interbank Foreign Exchange (Forex) Market and hovered in a range of 61.32 and 61.56 per dollar before quoting at 61.52 at 10.50 hrs (IST).

In the global market, the US dollar held steady against the euro in early trade on Wednesday ahead of quarterly gross domestic product figures that may show Europe shutting the door on its long-running recession.