The Indian rupee continued to decline for the 3rd day today by slipping another 11 paise to 61.85 per dollar in the late morning session on persistent demand for the American currency from banks and importers amidst steady dollar in the overseas market.
The Indian rupee resumed lower at 61.95 per dollar as against the last closing level of 61.74 per dollar at the Interbank Foreign Exchange (Forex) Market.
However, it recovered to 61.80 per dollar on mild selling of dollars by some banks before quoting at 61.85 per dollar at 1100hrs.
In the global market, the US dollar held steady in early trade, sticking to its tight range after a strong showing the previous week, while the Australian dollar lost ground after comments from the central bank governor.
Crude oil prices edged higher by four cents to USD 94.66 a barrel in quiet Asian trade today as dealers hunted bargains while keeping an eye on a supply glut in the United States, analysts said.
Meanwhile, the Indian benchmark sensex dropped by 235.64 points or 1.11 per cent to 21,003.72 at 1100hrs.