Rupee drops by 30 paise against dollar in morning trade

Mumbai, June 22 (PTI) The Indian rupee fell by 30 paise
to 48.38 against the US currency in morning trade on fresh
dollar demand from importers, coupled with a strong American
unit in the overseas markets.

At the Interbank Foreign Exchange (Forex) market, the
domestic unit resumed lower at Rs 48.13/14 per dollar as
against the last weekend's close of Rs 48.08/09 and moved down
further to Rs 48.38 before quoting at Rs 48.30/31 at 1030
hrs.

Heavy dollar demand from importers and strengthening
dollar against major currencies were the factors behind the
fall in the rupee value, forex dealers said.

Crude oil prices stayed below USD 70 a barrel in Asian
trade today as traders took profits following a recent surge,
analysts said.

Meanwhile, the Indian benchmark sensitive index advanced
further by over 140 points in early trade. PTI RSU
AM
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