Rupee trades at one-month low against dollar

A higher opening in the stock market amid foreign fund outflows put pressure on the rupee. File photo: P.V. Sivakumar

The Indian rupee dropped by 11 paise to one-month low against the American currency at 54.33 in late morning trade on sustained dollar demand from banks and importers on the back of a firm greenback in overseas markets.

The rupee resumed lower at 54.43 per dollar against the last weekend’s level of 54.22 at the Interbank Foreign Exchange (Forex) market and hovered in a range of 54.32 and 54.44 before quoting at 54.33 per dollar at 1040 hrs.

Persistent dollar demand from banks and importers on the back of a firm dollar in overseas markets mainly affected the rupee value, a Forex dealer said.

Asian stocks were trading mostly higher in early trade with the yen’s slide boosting Japan market but weighing on South Korea after the weekend’s Group of 20 meeting remained silent on the Japanese currency’s recent depreciation.

Meanwhile, the Indian benchmark Sensex firmed up by 60 points, or 0.31 per cent, to 19,527.94 at 1100 hrs.