Millennium Post

Rs plummets to one-and-half month low of 54.25 to $

The rupee dropped to one-and-half month low of 54.25 against US dollar before regaining some ground on Monday amid persistent demand for the American currency from banks and importers as it made gains in the overseas forex markets.

It opened lower at 54.10 per dollar as against the last weekend's level of 53.81 at the Forex Market and dropped further to about 6-week low of 54.25.

Later, it was quoting at 54.13 a dollar at 1050 hrs.The rupee moved between 53.90 and 54.25 against the US currency in the morning deals.

Sustained dollar demand from banks and importers in view of its higher value in New York market affected the rupee, a forex dealer said.

In New York, the dollar rallied last Friday, amid stronger-than-expected US jobs growth. Sensex, firmed up by 22 points to 18,771.12 at 1100 hrs.   
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