Mumbai, May 15 -- The Rupee on Thursday dropped 27 paise to close at 85.53 against USD on rising demand for US Dollar from foreign banks and exporters, dealers at the Forex Market said.
Advancing 16 paise on Wednesday, the domestic unit tumbled down 29 paise to 85.55 in the opening session.
It remained weak throughout the session and finished at 85.53, down 27 paise as compared to its previous close.
The Rupee lost because of a strong dollar against other world currencies; however, the strong equity market capped further decline, a dealer informed.
The Rupee recorded day's high and low at 85.40 and 85.60 respectively, the dealer added.
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