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

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. The US and Chinese officials are restarting negotiations in Shanghai on Tuesday in an effort to resolve the year-long trade dispute.