The rupee has now lost 41 paise in three days.Mumbai:The rupee skidded by 16 paise Tuesday -- its third straight session of loss -- to close at 71.44 against US dollar amid strengthening of greenback and heavy selling in domestic equities.
Concerns over slowing global growth and foreign capital outflows weighed on local unit, forex traders said.
At Interbank Foreign Exchange (forex) market, rupee opened higher at 71.22 but came under selling pressure.
It finally finished at 71.44 per dollar, down by 16 paise against its previous close.
The rupee has now lost 41 paise in three days.Rupee continued to trend down for third day on global growth concerns.
IMF predicted global economy will grow at weakest pace in three years in 2019 and warned fresh trade tensions would spell further trouble."The benchmark 10-year bond yield held steady around yesterday's level of 7.30 per cent.
So far this month, rupee has declined 1.87 per cent, while overseas funds sold $554.5 million in equity and $193.10 million in debt segments," said VK Sharma, head PCG and Capital Markets Strategy, HDFC Securities.
Worries about slower global growth, little progress in US-China trade talks and US federal government shutdown triggered safe heaven buying and helped greenback and Japanese yen trade higher.
The dollar index headed higher for sixth day, its longest streak after October 2018, he added.
Brent crude, global oil benchmark, was trading lower at $61.51 per barrel, down by 1.96 per cent.The domestic equity market took a breather on Tuesday after a five-day rising spree.
The 30-share BSE Sensex dropped 134.32 points to end at 36,444.64, while broader NSE Nifty finished 39.10 points lower at 10,922.75.