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Rupee drops further


MUMBAI: The rupee fell on Wednesday, erasing all the gains recorded during the day, as Satyam Computer Services shares plunged, pulling down the main index on the Bombay Stock Exchange.

With increasing dollar demand from foreign funds, the rupee closed lower by 11 paise at 48.81 a dollar against 48.70 on Tuesday. It moved in a range of 48.37 and 48.93 before closing lower at 48.81. Global crude oil prices were trading near $48.50 a barrel in Asian trade. — PTI

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