 "Rupee drops 16 paise against dollar in late morning trade")
The rupee depreciated by 16 paise to 62.66 against the US currency in late morning trade due to fresh dollar buying by banks and importers as well as a weak local equity market.
At the Interbank Foreign Exchange (Forex) market, the rupee resumed slightly lower at 62.52 from yesterday's close of 62.50.
It fell further to 62.68 before quoting 62.66 at 1045 hours.
The rupee had gained 28 paise yesterday to close at 62.50 against the Greenback, in line with smart recovery in local equities and fresh dollar selling by exporters.
In New York market, the dollar retreated against its rivals yesterday after the Commerce Department said US retail sales fell for the third straight month in February.
However, oil prices climbed as news of a deal to end a strike at US refineries helped reverse losses that had been fuelled by another leap in American inventories.
Meanwhile, the benchmark 30-share BSE Sensex dropped by 132.88 points, or 0.46%, to 28,797.53 at 1045 hours.
At the Interbank Foreign Exchange (Forex) market, the rupee resumed slightly lower at 62.52 from yesterday's close of 62.50.
It fell further to 62.68 before quoting 62.66 at 1045 hours.
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The domestic unit hovered in a range of 62.68-60.43 per dollar during morning trade.
The rupee had gained 28 paise yesterday to close at 62.50 against the Greenback, in line with smart recovery in local equities and fresh dollar selling by exporters.
In New York market, the dollar retreated against its rivals yesterday after the Commerce Department said US retail sales fell for the third straight month in February.
However, oil prices climbed as news of a deal to end a strike at US refineries helped reverse losses that had been fuelled by another leap in American inventories.
Meanwhile, the benchmark 30-share BSE Sensex dropped by 132.88 points, or 0.46%, to 28,797.53 at 1045 hours.