<div>The rupee dropped further by 31 paise to 62.24 against the American currency in late morning deals today on persistent dollar demand from banks and importers.<br /><br />The rupee resumed lower at 62.12 per dollar as against the last closing level of 61.93 at the Interbank Foreign Exchange (Forex) Market.<br /><br />It dropped further to 62.25 before quoting at 62.24 per dollar at 1045 hours. It hovered in a range of 62.10-62.25 per dollar during the morning deals.<br /><br />Sustained demand for the US currency from banks and importers in view firm dollar overseas <br />mainly affected the rupee value, a forex dealer said.<br /><br />In the global market, the US dollar was recovering from its drop against most major rivals following global slowdown concerns that led investors to shove the greenback lower.<br /><br />Meanwhile, the Indian benchmark BSE-30 share barometer Sensex dropped by 125.72 points of 0.59 per cent to 21,247.94 in the late morning trade.<br /><br />(PTI)</div>
