Rupee drops to 2-week low at 50.70 vs dollar

The Indian rupee dropped to two-week low by slipping 31 paise to 50.70 against the dollar in the late morning trade on sustained demand for the American currency from banks and importers.

The rupee resumed lower at 50.50/51 per dollar at the Interbank Foreign Exchange (Forex) market as against the last closing level of 50.39/40 per dollar and declined further to 50.70, before quoting at 50.61/62 per dollar at 1030 hrs.

The domestic currency hovered in a range of 50.50 per dollar and 50.70 per dollar during the late morning trade.

Persistent dollar demand from banks and importers in view of strong dollar in the international market mainly affected the rupee value against the US currency, a forex dealer said.