Rupee down 16 paise vs dollar; extends losses for 4th day

MUMBAI: The rupee fell for the fourth straight session today ending down by 16 paise at 50.90/91 against the US currency on persistent dollar demand from banks and importers, mainly oil refiners, amid weak equities.

The rupee continued to trade weak taking cues from global markets where dollar traded strong against the major currencies, mainly against euro, dealers said.

In the New York market, the euro reversed course to slide below the USD 1.35 per euro-mark again after Fitch warned about potential adverse impact of the eurozone's debt crisis on the US banking sector.

Meanwhile, the BSE benchmark Sensex ended lower by another 314 points or 1.87 per cent.

"Looking at the global scenario one can expect Rupee to trade over 51.00 levels in coming days," Pramit Brahmbhatt, CEO Alpari Financial Services (India) said.

The rupee resumed lower at Rs 50.78/79 per dollar on the Interbank Foreign Exchange, as against its previous close of Rs 50.74/75 per dollar. It hovered in a range between Rs 50.64 and Rs 50.9275 per dollar before ending at 50.90/91 per dollar.