Rupee slips further, back to 71/$ after six sessions

Oil prices fell but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut.

Extending its morning losses, the rupee on Thursday slipped back to 71-mark against the US dollar. At 10:30 am, it was trading at 71.05.  The domestic unit had opened 33 paise lower at 70.79. On Wednesday, the currency ticked higher by 3 paise to 70.46 amid weakness in the greenback and easing crude oil prices.

Meanwhile, the Reserve Bank of India (RBI) Wednesday left the repo rate unchanged at 6.5 per cent while maintaining the stance of 'calibrated tightening' of policy.

In the equity market, benchmark indices Sensex and Nifty slumped over 1 per cent in the morning deals, following