The Indian rupee dropped further by 10 paise to Rs 44.61 per US dollar in early trade today on persistent dollar demand from banks and importers despite weakness of the American currency in global markets.
The rupee resumed lower at Rs 44.58/59 per dollar on the Interbank Foreign Exchange, as against last weekend's close of Rs 44.51/52 per dollar, and moved down further to Rs 44.61 per dollar before quoting at Rs 44.57/58 per dollar at 1030 hours.
It hovered in a range between Rs 44.53 and Rs 44.61 per dollar in morning deals.
Sustained dollar demand from banks and importers mainly affected the rupee value against the dollar, a forex dealer said.
The euro and dollar fell to record lows against the Swiss franc in the Sydney market in early trade today, while gold reached new highs as investors sought safety from debt problems plaguing the European Union and United States.
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