Net photosynthetic (P^) and transpiration (£) rates and stomatal conductance (gj) were determined in cotton genotypes under drought during the growth cycle. A decrease in P^, E and gs was observed as soil water availability diminished. appeared dosely related to stomatal apertuře at low g^ levels. However, intercellular CO2 concentration was not so much affected by stomatal closure. An important inter- and intra-genotypic variation in g^ was found at the initial sampling dates. Inter-genotypic variation for increased with time, probably as a result of a higher capacity for water uptake in some genotypes.