The Indian rupee dropped 16 paise to 61.96 against the US dollar in late morning trade on good dollar demand from banks and importers.
The Indian rupee resumed lower at 61.83 per dollar as against the last closing level of 61.80 at the Interbank Foreign Exchange market and dropped further to 61.97 before quoting at 61.96 per dollar at 1045 hours.
Indian rupee hovered in a range of 61.83-61.97 per dollar during the morning deals.
Good US dollar demand from banks and importers mainly affected the rupee value against the greenback, a forex dealer said.
In the global market, oil futures slid to just above $98 per barrel yesterday but notched a 7 per cent gain for a year, which was marked by improving global economic growth and plentiful US supplies.
