Mumbai, December 20: The Indian rupee today dropped by 13 paise against the greenback to settle at nearly a three-week low of 45.47/48 following fresh dollar demand from importers and banks amid capital outflows.
In a fairly active trade at the Interbank Foreign Exchange (Forex) market, the local unit opened sharply lower at 45.63/64 a dollar from its previous close of 45.34/35 and touched a low of 45.67 on the back of initial weakness in local equities.
The Indian benchmark Sensex was down by over 150 points in late morning deals due to weakness in Asian stocks.
However, good dollar demand from importers, mainly oil refiners, and some banks helped the rupee recover. It later logged the day’s high of 45.3150 before finishing at 45.47/48.
Late recovery in the Sensex too boosted the rupee sentiment.
–Agencies