Mumbai, Jly 9 - The Indian rupee continued to decline for the fourth day today by slipping another 50 paise to 55.92 afther breaching 56-level against the US dollar on persistent dollar demand from banks and importers.
Besides, the dollar also strengthened against other currencies such as the euro in the overseas market following disappointing US jobs growth figures, putting further pressure on the rupee, dealers said.
The rupee resumed lower at 55.90 per dollar as against the last weekend's level of 55.42 per dollar at the Interbank Foreign Exchange (Forex) market and dropped further to 56.07 per dollar on good dollar demand from banks and importers amidst capital inflows from foreign funds.
However, it recovered afterwards to 55.81 per dollar before ending the day at 55.92 per dollar on mild selling of dollars from some banks. In the last four days, the rupee has tumbled by 154 paise or 2.83 per cent.
It moved in a range of 55.81 per dollar and 56.07 per dollar during the day.
The domestic currency had last fallen the 56-level against the dollar on June 29.
In Hong Kong, the euro traded close to two-year lows against the U.S. dollar in Asian trading today amid worries about Europe's outlook, although the greenback gave back some of the gains recorded last week against other major currencies.
In New York, the dollar extended gains on last Friday, pushing the euro to its lowest level in about two years, after a disappointing US jobs report for June sent investors seeking safe havens, including the greenback. PTI