Rupee extends losses vs dollar, down 8 paise

The rupee extended losses for the second consecutive day against the American currency, slipping by another eight paise to 61.38 on month-end dollar demand from importers.
The rupee resumed lower at 61.33 per dollar as against the last closing level of 61.30 at the Interbank Foreign Exchange market and hovered in a range of 61.31 and 61.41 per dollar before quoting at 61.38 at 1000 hours.
Month-end dollar demand from oil companies mainly affected the rupee value against the US currency, a forex dealer said.
In the global market, Oil moved lower after Goldman Sachs slashed its price forecasts for the next two years owing to a global supply glut. US benchmark West Texas Intermediate (WTI) for December delivery fell 46 cents to USD 80.54 while Brent crude for December eased 59 cents to USD 85.24 in mid-morning trade.

In New York market, the dollar slipped against the Japanese yen yesterday, ahead of crucial policy meetings of the Federal Open Market Committee and the Bank of Japan.
Meanwhile, the Indian benchmark Sensex recovered by 97.88 points of 0.37 per cent to 26,850.78 at 1000hrs.