After taking a respite for a day, the Indian rupee continued its downward slide and closed down by 19 paise at 57.98 against the greenback on weak local equities amid sustained capital outflows, despite recovering major part of its early losses.
Fresh dollar demand from importers and some banks also weighed on the rupee while weak USD overseas restricted the rupee fall to some extent, a forex dealer said.
At the Interbank Foreign Exchange (Forex) market, the domestic unit resumed sharply lower at 58.10 a dollar from previous close of 57.79 and dropped further to a low of 58.56 following sluggish domestic stocks and sustained dollar demand from importers and some banks.
However, it the rupee bounced back on dollar selling by exporters on hopes of further fall in the dollar value in global markets and touched a high of 57.94 before settling at 57.98, showing a fall of 19 paise or 0.33 pct. Yesterday, it had gained 60 paise or 1.03 pct.
The Indian benchmark S&P BSE Sensex on Thursday tumbled by 214 points or 1.12 pct while FIIs pulled out Rs 1,060.17 crore yesterday, as per provisional data with stock exchanges.
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