Extending its losses for the fourth day, the Indian rupee on Thursday depreciated by 25 paise in early trade to 47.59 against the US currency, largely on the back of dollar’s gains against other major units and on heavy month-end demand from oil companies.
At the Interbank Foreign Exchange (Forex) market, the domestic unit traded 25 paise down at 47.59 a dollar in early trade. Yesterday, the rupee ended 43 paise lower at 47.34/35 against the US currency.
Dealers said rising dollar against other global units and month-end demand from oil importers, mainly weighed on the Indian rupee sentiments.
Expectations of more capital outflows by foreign funds as equities may continue to lose ground in line with other Asian markets, which were down by up to 2.5 per cent, also put pressure on the rupee.
Meanwhile, the benchmark Sensex had lost 527.32 points in the past three trading sessions.
