Rupee continues to decline, down 26 paise

MUMBAI: The rupee weakened by 26 paise to trade at 54.78 against the US currency on Monday on sustained dollar demand from banks and importers amid its higher value overseas. The rupee resumed lower at 54.65 per dollar as against the last weekend's level of 54.52 at the Interbank Foreign Exchange (Forex) Market. It hovered in a range of 54.64 and 54.79 per dollar before quoting 54.78 at 1040 hrs. Persistent dollar demand from banks and importers in view of firm dollar in overseas market mainly affected the rupee value against, a forex dealer said. 

In Los Angeles, the Australian dollar fell against the US dollar after weaker-than-expected economic readings from China, Australia's largest trading partner. Crude oil was down in Asia today after China's economic growth for the first quarter came in below expectations, with sentiment also weighed by forecasts of weaker global demand. New York's main contract, light sweet crude for delivery in May dropped 80 cents to $90.49 a barrel. Meanwhile, the Indian benchmark BSE-30 share index, sensex, declined by 32 points or 0.18% quoting 18,210.35 at 1040 hrs.