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Rupee loses four paise

MUMBAI: The Indian currency on Wednesday lost about four paise to close at 40.40/41 against the U.S. currency as banks and oil refiners bought the greenback.

Some foreign banks were seen covering short dollar positions while State-owned banks bought dollars probably on behalf of the Reserve Bank of India (RBI), forex dealers said.

In dull trading at the inter-bank foreign exchange market, the rupee moved in small range of 40.37 and 40.43 after resuming steady at 40.38/40. It closed at 40.3725/3825 on Tuesday.

Oil corporates too made dollar purchases to meet their import proceeds in the light of high crude oil prices in the international markets. — PTI

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