Mumbai, May 19: The rupee dropped 0.9 percent on Wednesday morning to its lowest level in 11 weeks as traders covered short-dollar positions following the euro’s drop against the greenback and also weighed by losses in local shares.
At 9:31 am, the partially convertible rupee was at 45.99/46.00 per dollar, after hitting 46.00, its weakest since March 2 and below its Tuesday’s close of 45.60/61.
The euro fell to its lowest in more than four years against the dollar on Wednesday as a sell-off in the single currency picked up pace after Germany’s move to ban naked short-selling of some securities rattled investors.
—-Agencies