Indian rupee drops to near 32-month low

MUMBAI: The Indian rupee fell to its weakest level in nearly 32 months on Tuesday, dragged by a decline in the euro and persistent dollar demand from oil importers.

At 10:10 a.m. (0440 GMT), the partially convertible rupee was at 50.65/66 per dollar, after hitting 50.71, its weakest since March 31, 2009. The unit had closed down 0.3 percent at 50.285/295 on Monday.

It has lost 13.5 percent from its strongest level this year in late July.