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Rupee drops further

MUMBAI: The rupee lost heavy ground against the U.S. currency on hectic dollar demand from oil corporates on the back of a resurgent dollar overseas with the Reserve Bank of India tightly policing the interbank foreign exchange market to prevent gains after the recent yuan revaluation.

Closing at 43.5450/5525 a dollar on Monday, a steep 8-1/2 paise decline from last Friday's close of 43.47/48, the rupee opened on a weak note at 43.48/49 a dollar.

— PTI

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