Rupee continues downward spiral against dollar for fifth day

Mumbai: The Indian rupee continued to decline against the American currency for the fifth day in the early trade on persistent dollar demand from banks and importers on the back of higher dollar in the overseas market.

The rupee resumed higher at 55.45 per dollar as against the last weekend's level of 55.51 per dollar at the Interbank Foreign Exchange (Forex) Market, but declined immediately to 55.61 per dollar before quoting at 55.58 per dollar at 1040 hrs.

Rupee moved in a range of 55.42 per dollar and 55.61 per dollar during the morning deals.Reuters

It moved in a range of 55.42 per dollar and 55.61 per dollar during the morning deals. Sustained dollar demand from banks and month-end buying from importers, mainly oil refiners affected the rupee value against the dollar, a forex dealer said.

In Sydney market, the dollar moved higher against rivals in the early trade as Europe's debt problems garnered renewed attention, with eurozone finance ministers set to reconvene later in the global trading day.

Meanwhile, the Indian benchmark sensex firmed up by 32 points of 0.17 percent to 18,538.20 at 1050 hrs.

PTI