The rupee on Friday extended its losses for the second straight session, weakening by 4 paise at 64.06 a dollar as forex traders appeared cautious in view of upward revision of fiscal deficit target and net borrowing for the current fiscal in the Union Budget.

The rupee opened substantially weaker at 64.12 from Thursday’s close of 64.02 on sustained demand for the dollar from importers and banks. It tumbled to a fresh one-month low of 64.20 in mid- morning deals before staging a spirited recovery.

 After hitting an intra-day high of 63.72, the home currency retreated sharply towards the tail-end of trade on renewed dollar pressure and settled with a modest 4 paise loss at 64.06.