Rupee tumbles for 4th day; falls 19 paise to 71.24 vs USD

The rupee weakened further by 19 paise Wednesday to close at 71.24 against the US dollar amid a strengthening greenback and fresh capital outflows.

Higher bond yields, which spiked on concerns that the government may over-shoot the fiscal deficit target in an election year, too weighed on the domestic unit, forex traders said.

The rupee has now lost a hefty 83 paise in four straight sessions.

Meanwhile, the pound rallied after British Prime Minister Theresa May's divorce deal to leave the EU was overwhelmingly rejected by MPs, leading to speculation that UK lawmakers may be forced to have a re-look at the entire Brexit process.

The rupee opened on a weak note at 71.10 at the interbank forex market and lost further ground to reach an intra-day low of 71.27.

However, it pared some losses to finally finish at 71.24 per US dollar, down 19 paise over its previous close of 71.05.

"Indian rupee depreciated for the fourth day in row amid higher bond yield and expectation of expansionary ...