Rupee falls to 60.50 against dollar on oil demands

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Mumbai, April 17: The Indian rupee fell to 60.50 against a US dollar Thursday, registering decline for the fourth straight session on high demands for the greenback from oil importers. The partially convertible rupee opened on a positive note and strengthened to 60.26 against a dollar in early trade after US Federal Reserve chair Janet Yellen signalled continuance of economic stimulus.

However, the Indian currency came under pressure in the afternoon trade on heavy demand for greenback from state-run oil marketing companies to pay their import bills. The rupee was quoted at 60.40 against a dollar at the Interbank Foreign Exchange Markets here at 1.42 p.m.

The rupee lost 14 paise to close at 60.37 against a dollar Wednesday. This is the fourth consecutive day of fall in the value of rupee. The currency touched a high of 60.26 against a dollar and low of 60.50 in the intra-day.