The rupee dropped sharply against the dollar in early trade Friday. At 09.15 a.m., it traded 35 paise lower at 53.76, slightly higher than the low of 53.80 made in early trade.
This is the third day of decline for the Indian currency that saw strong gains in September on the back of increased foreign inflows.
The rupee had dropped over 1 per cent on Thursday despite strong gains in equity markets and stability in the euro. Analysts attributed the sell off to heavy demand from oil importers ahead of the festive season.
The rupee weakness is capped at 54 levels said analysts
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