Rupee slips below 61 against the dollar

The Indian rupee fell below 61 against a dollar for the first time in more than a month Wednesday on continued demands for the greenback from oil importers and weakness in other regional currencies.

The partially convertible rupee fell to a low of 61.09 against a dollar at the Interbank Foreign Exchange Markets here at 12.46 pm, 33 paise weaker than its previous day close at 60.76. This is the lowest value of rupee against dollar since March 21. 

The Indian currency opened weaker and traded in the range of 60.86 and 61.09. The rupee had weakened by 17 paise Tuesday. 

The Indian currency is under pressure due to high demand for the US dollar from state-run oil companies to pay their respective import bills. lower foreign buying in Indian stock markets is also pushing pressure on the rupee.