Rupee skids for 4th day; settles 6 paise down at 69.04 vs USD

The rupee depreciated by 6 paise to close at 69.04 against the US dollar on Thursday amid sustained foreign fund outflows and firm crude oil prices.

Prolonged weakness in the domestic equity markets and a strengthening greenback further weighed on the local unit, forex traders said.

At the interbank foreign exchange market, the rupee opened at 68.99 and went on to touch the day's high of 68.92 against the US dollar. The local currency, however, failed to sustain the gains and slipped to a low of 69.07, before finally finishing at 69.04, down by 6 paise against its previous close.

This is the fourth straight day of fall for the rupee, during which it has lost 24 paise.

Forex traders attributed the weak trend to unabated foreign fund outflows and soaring crude oil prices.

Besides, they said the rupee is expected to trade in a narrow range ahead of the release of the crucial European Central Bank (ECB) policy statement.

Other major global cues that are going to dictate the trend in the ..