Rupee drops to near 2-year low; hits 48/dollar

"People are buying dollars as if there is no tomorrow," said a foreign exchange dealer with a private-sector bank.

At 9:09 a.m. (0339), the partially convertible rupee was at 47.93, weaker than Tuesday's close of 47.59/60. It had hit 48, a level last reached on Sept. 29, 2009.