Rupee drops 34 paise Vs dollar in late morning deals

In line with equity market, the rupee snapped its three-day winning spree and was lower by 34 paise at 61.78 in late morning trade today on renewed dollar demand from banks and importers amid its higher value overseas.

The rupee resumed lower at 61.50 per dollar as against the last weekend's level of 61.44 at the Interbank Foreign Exchange (Forex) Market.

It dropped further to 61.85 before quoting 61.78 per dollar at 1045 hours.

It moved in a range of 61.50 and 61.85 per dollar during the morning deals.

Crude oil prices edged lower in Asian trade today on growing concerns that the US budget crisis could spiral into a devastating debt default and ravage the global economy.

New York's main contract, West Texas Intermediate for delivery in November fell 57 cents to USD 103.27 in mid-morning trade.

In New York market, the dollar rebounded against the euro and yen last Friday.

Meanwhile, the Indian benchmark BSE-30 share index Sensex dropped by 188 points or 0.94 per cent to 19,728.38 at 1050 hours.