Monday, May 22 2006 11:59 Hrs (IST) - World Time -

Mumbai: Rupee continued its downslide today (May 22, 2006) losing another 14 paise at Rs 45.70/71 per dollar in nervous early trade at the Interbank Foreign Exchange market, weighed down by a weak dollar overseas, a pull out by FIIs and meltdown at the stock market.

"With today's decline, the rupee has depreciated by nearly 51 paise since last Thursday, as nervousness continued to grip the forex spot trade," dealers said.

Opening distinctly weak at Rs 45.62/64 per dollar, the rupee slipped to Rs 45.70/71 per dollar in late morning deal, sharply lower from last Friday's close of Rs 45.56/57. Sustained dollar demand amid strained supplies from FIIs continued to keep the rupee under severe pressure, adversely affected by the persistent meltdown at the local stock markets, a forex dealer said.

Foreign Institutional Investors (FIIs) pulled out a massive US$ 180.30 million from equity markets on May 18, the day when the BSE Sensex plunged by 826 points on frantic selling. FIIs withdrew a total of US$ 555.30 million in the first four trading days of the week.

The BSE Sensex today plunged by over 150 points to 10,776.80 within 15 minutes of resumption of trade due to continuous selling.

Meanwhile, world crude oil prices were hovering around US$ 68.27 a barrel in early Asian trade today to easing supply concerns.

Turning to cross currency trade the Euro was quoted at Rs 58.21/23, Pound Sterling at Rs 85.54/56 and a Japanese Yen (100) at RS 40.76/79.