Mumbai, June 4 (UNI) Extending its losing streak for the second session in a row on Wednesday, the rupee depreciated by 31 paise to close in red at 85.90 against US Dollar on brisk demand for the greenback from the bankers and importers.

Forex traders said the local unit remained under pressure on account of ongoing geopolitical tensions between Russia-Ukraine and soaring crude oil prices, also, investors are awaiting cues from the Reserve Bank's monetary policy announcements, they informed.

The rupee had closed at 85.5925 against the US dollar on June 3, however, the Indian currency opened 16 paise lower on June 4 due to sustained outflow from domestic equities and bonds by foreign investors.

The partially convertible rupee recorded intra-day high and low at 85.69 and 86.05 respectively, dealers added.

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