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Rupee drops 11 paise

MUMBAI: The rupee declined sharply against the U.S. currency on Friday due to renewed hectic dollar demand from oil corporates and importers on the back of a rebounding dollar overseas even as strong foreign institutional investment inflows and expatriate remittances limited losses.

In mostly nervous trading at the interbank foreign exchange market, the rupee closed at 44.24/25 a dollar, a 11 paise fall from yesterday's near three-and-half month closing peak of 44.13/14 after tumbling to a low of 44.30/32, dealers said. — PTI

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