Rupee drops further by 18 paise against USD

Rupee continued its downslide for the second straight day and displayed a fall of 18 paise to 49.88/90.

The Indian rupee continued its downslide for the second straight day and displayed a fall of 18 paise to 49.88/90 against the US currency in late morning deals following sharp fall in the equity markets.

In volatile trade at the Interbank Foreign Exchange (Forex) market,the domestic unit resumed sharply lower at 49.90/92 a dollar from its previous close of 49.70/71.

However,it touched a two-week low to breach the 50-mark at 50.02 on weakness in stock markets.

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It,later recovered marginally to quote at 49.88/90 in late morning deals on expectations of increased capital inflows. On May 13,the rupee ended sharply lower by 40 paise.

The Indian benchmark Sensex was down by over 220 points at 1005 hrs. On Wednesday,it was down by 138.38 points or 1.14 per cent,which mainly weighed on the rupee sentiment.

Asian indices were also quoting sharply lower between 1.48 per cent and 3.54 per cent in their early trade.

Meanwhile,the global crude oil was quoting above USD 57 a barrel in Asian trade on Thursday.

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