Rupee falls for 3rd day; slips 4 paise to 69.87 vs USD

The rupee Thursday fell marginally by 4 paise to close at 69.87 against the US currency, extending its decline for a third straight day, due to a stronger dollar and investors awaiting the allocation of key portfolios in the newly elected government.

Foreign fund inflows, strong gains in equities and easing crude oil prices, however, helped the local currency contain losses.

At the Interbank Foreign Exchange (forex), the domestic currency opened at 69.76 a dollar and fell further to touch the day's low of 69.93. It finally settled at 69.87 per dollar, down 4 paise over its previous close.

The rupee Wednesday had settled at 69.83 to the US dollar.

"Rupee opened on strong note but failed to hold at the higher levels. This is going to be the third straight session of fall in the rupee," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities.

The rupee has now depreciated by 36 paise in the three sessions to Thursday.

The dollar inched towards one-week high levels ...