The partially convertible Indian rupee continued with its losing streak on Wednesday and again crossed 53-a mark against dollar backed by persistent demand for American currency from importers.
The Indian rupee hovered in a range between Rs. 53.03 -Rs. 53.30 per dollar during morning deals.
Weak opening in domestic equity market and concern over foreign fund outflows from stock market pressured more on rupee.
Moreover, month-end demand from oil importers mounted pressure on rupee.
The domestic market also trading weak as most of the investors are away on holidays. Dollar strengthening against its overseas rivals.
However, the fall in rupee was also supported by the dollar strengthening abroad. On the Interbank Foreign Exchange rupee was seen trading at Rs 53.42 per dollar at 1.45pm IST.
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