Rupee drops against dollar, reaches 18.16 vs dirham

Mumbai - Increased demand for the US currency from importers put pressure on the rupee.

The rupee was trading lower by 4 paise at 66.96 against the dollar (18.16 vs dirham) in early trade today at the forex market as the American unit strengthened overseas.
'Forex dealers said increased demand for the US currency from importers and the greenback's gains against other currencies overseas, put pressure on the rupee.

On Monday, the rupee had gained 9 paise to close at 66.92 per dollar in view of strong foreign capital inflows coupled with a firm equity market.
Forex market remained closed yesterday on account of Municipal Elections for Greater Mumbai.
Meanwhile, the benchmark BSE Sensex rose 96.71 points, or 0.33 per cent, to 28,858.30 in early trade today.

• Gold and Forex