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Rupee drops 5 paise

MUMBAI: The rupee declined sharply on Monday on renewed hectic dollar demand from oil corporates amid rising crude oil prices and a broader firm dollar even as an extended New Year holiday overseas kept business quiet at the interbank foreign exchange market.

Closing at 45.08/09 a dollar, a good five paise drop from last Friday's close of 45.03/04, the rupee dipped to the day's low of 45.10/11 minutes before the closing bell due to dollar short-covering by oil corporates amid thin supplies. . — PTI

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