Mumbai, June 18 : The Indian rupee continued to rule above the crucial 48 level today and dropped further by six paise to 48.19/20 against the American currency due to persistent fall in local stocks on fears of capital outflow from foreign funds.
Resuming higher at 48.05/07 a dollar, the domestic unit later moved in a range of 48.34 and 48.02 before ending the day at 48.19/20 against the dollar, cheaper by six paise from its last close of 48.13/14 a dollar.
Dealers at the Interbank Foreign Exchange (forex) market said continued capital outflows in the week weighed on rupee sentiment.
Foreign institutional investors pulled out nearly USD 240.90 million in the last three days.
The Indian benchmark Sensex tumbled by yet another 257 points or 1.77 per cent following dramatic sell-off by foreign funds.
Global crude oil prices rose further above USD 71 a barrel on the back of bullish data on Chinese and US crude inventories.
The US dollar edged up in the overseas markets against major rivals, finding modest strength on a weaker tone in equity markets. Z
6:30 AM
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