Indian rupee down

The Indian rupee fell for a second consecutive session on Tuesday as outlook on foreign capital flows into local stocks and debt turned cloudy after hopes of interest rates cuts faded. Persistent dollar demand from oil importers, the biggest buyers of the greenback in the local currency market, also weighed on the rupee, traders said.
The rupee ended at 50.39/40 to the dollar, down from Monday's close of 50.23/24, after moving in a 50.1850 to 50.4250 range during the session. "Outlook is bearish for the rupee," said Subramaniam Sharma, director of brokerage Greenback Forex. The one-month offshore non-deliverable forward contracts were at 50.88. In the currency futures market, the most-traded near-month dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange all ended around 50.50, on a total volume of $4 billion.