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The rupee dropped further by 21 paise to Rs 46.20 per US dollar in the early trade today on month-end dollar demand from importers and banks, coupled with a higher greenback in overseas markets.
The domestic unit resumed lower at Rs 46.10/12 per dollar at the Interbank Foreign Exchange market against its previous close of Rs 45.99/46.00 per dollar. It moved down further to Rs 46.20 per dollar before quoting at Rs 46.15/16 per dollar at 10.30 a.m.
Sustained dollar demand from importers, mainly oil refiners, affected the rupee value against the dollar, a forex dealer said.
Persistent foreign capital outflows in view of weak equity markets was another reason behind the falling rupee value.
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