Rupee drops to five-month low

Mumbai, Aug 8 :

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.

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

(IANS)