Rupee drops by 30 paise vs dollar in late morning

 The Indian rupee dropped by 30 paise to 55.15 against the American currency in the late morning trade on good dollar demand from banks and importers in view of higher dollar overseas amdist fall in equity market.

The rupee resumed lower at 55.10 per dollar as against the last closing level of 54.85 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to 55.25 per dollar before quoting at 55.15 per dollar at 1040 hrs.

It hovered in a range of 55.03 per dollar and 55.25 per dollar during the morning trade.
In New York market the US dollar recovered from earlier declines yesterday reclaiming its highest level against the Japanese yen since April 2011 after the Bank of Japan delivered an expected increase in the size of its quantitative-easing programme.

The Indian benchmark Sensex dropped by 95 points or 0.49 pct to 19,358.55 as Asian stocks fell after US House Republican leaders cancelled a planned vote that would permit higher taxes amid stalled budget talks.

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