Mumbai: The rupee dropped sharply by 24 paise to 64.55 against the American currency in early trade on Thursday ahead of the September quarter GDP data.
Currency dealers said apart from increased month-end demand for the US currency from importers and a lower opening of the domestic equity markets, dollar’s gains against other currencies overseas on upbeat US economic growth data weighed on the rupee.
On Wednesday, the rupee had maintained its upbeat trend for the third straight session and firmed up by another 10 paise to end at a fresh two-month high of 64.31 against the US dollar ahead of the GDP data.
Meanwhile, the benchmark BSE Sensex was trading lower by 185.24 points or 0.55 per cent to 33,417.52 in early trade on Wednesday.
PTI