Rupee down by 31 paise to 49.61/62 vs dollar

Mumbai, May 6: The Indian rupee today turned weaker by 31 paise to close at 49.61/62 against the dollar in line with negative trends in local equity markets, snapping a three-session winning streak.
At the Interbank Foreign Exchange (Forex) market, the local currency resumed lower at 49.57/59 a dollar from its previous close of 49.30/31.

It later moved in a range of 49.34 and 49.66 in sync with domestic bourses before concluding the day at 49.61/62.

In the past three sessions, the rupee had gained by 121 paise or 2.40 per cent.

Forex dealers mainly attributed the decline in the rupee to fall in local equity markets. The Indian benchmark Sensex, in volatile trade, today ended lower by over 178 points or 1.47 per cent.

Asian indices, however, displayed a firm trend at close today.

A firm US currency overseas against some of its major rivals, amid dollar buying by some banks on behalf of oil refiners and importers, also weighed on the rupee, a forex dealer said.

Meanwhile, global crude oil prices were quoting at around USD 54 a barrel in Asian trade today. PTI