Rupee drops to five-month low

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Rupee drops to five-month low
Mumbai: Indian rupee was trading at a five-month low Friday, dropping to 61.70 to a dollar, as foreign funds continued to sell their stocks and fresh concerns emerged over the situation in Iraq.

After plunging to its lowest level since March 5 with a drop of as much as 38 paise over the previous close, the rupee recovered a bit to 61.61 but the sentiments remained weak for the Indian currency, with traders hoping for some intervention by the central bank.

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The rupee Thursday had registered one of the steepest gains in the past month.