Rupee opens weaker; RBI steps may limit falls

Source : REUTERS
Last Updated: Thu, Jul 25, 2013 05:44 hrs
Indian currency of different denominations are seen in this picture illustration taken in Mumbai

The rupee weakened in opening trade on Thursday tracking losses in most other Asian currencies and shares but the central bank's latest measures to curb the rupee's fall may limit very sharp losses.

At 9:01 a.m., the partially convertible rupee was at 59.34/35 per dollar compared to its close of 59.13/14 on Wednesday.

The benchmark 10-year bond yield opened up 5 basis points at 8.47 percent but the auction of 60 billion rupees worth cash management bills will be crucial for further direction.



Traders expect the rupee to hold in a 59.05 to 59.50 range during the session.

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