Rupee drops to 44.37 against dollar

Mumbai: The Indian rupee dropped by 15 paise to 44.37 against the US dollar in early trade on Monday on renewed demand for the American currency from banks and corporates on the back of dollar firmness overseas.
The dollar rebounded in the Sydney market from three-year lows and US crude oil slid more than 1 per cent in early trade on the back of news that a US-led operation killed Osama bin Laden in Pakistan.
Oil eased in Asian trade today ahead of the release of key US economic data, analysts said. New York's main contract, light sweet crude for June delivery, was down 68 cents to USD 113.25 from New York's close.
At the Interbank Foreign Exchange, the domestic currency opened lower at 44.28/29 per dollar as against last weekend's level of 44.22/23 and moved down further to 44.37 per dollar before quoting at 44.32/33 per dollar at 1030 hours.