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Sharp drop in rupee

MUMBAI: The rupee lost heavy ground against the U.S. currency on Thursday due to hectic dollar demand from state-run banks, possibly on behalf of the Reserve Bank of India to contain gains in order to protect exporter interest following a deluge of foreign institutional investment inflows into the booming stock market.

The rupee ended at 43.52/53 a dollar, sharply lower from Wednesday's close of 43.4350/4450.

PTI

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