Rupee drops 25 paise vs dollar in late morning trade

The rupee dropped by 25 paise to 61.87 against the American currency in the late morning trade on good dollar demand from banks and importers despite weakness of dollar overseas.
The rupee resumed lower at 61.93 per dollar as against the last closing level of 61.62 per dollar at the Interbank Foreign Exchange (Forex) Market.
It moved in a range of 61.83 per dollar and 61.93 per dollar before quoting at 61.87 per dollar at 1040hrs, showing a loss of 25 paise from its last close.
Fresh dollar demand from banks and importers mainly affected the rupee value against the dollar, a forex dealer said.

In the global market, the dollar was quoted lower in the early trade with investors looking ahead to the following day's European Central Bank policy decision.
Crude oil prices rose by 41 cents to USD 93.78 a barrel in Asian trade today but faced pressure from US demand fears and speculation over the future of the Federal Reserve's stimulus programme, analysts said.
Meanwhile, the Indian benchmark sensex moved up by 15.03 points or 0.07 pct to 20,989.82 at 1050hrs.