Mumbai: Rupee fell in afternoon trade on dollar demand from importers.
At 2.05 pm, the rupee was trading at 59.4250 a dollar against its Friday’s close of 59.35. It had opened at 59.30 a dollar and slid to 59.48 a dollar later in the day.
The rupee in the last few trading sessions has remained range-bound after the Reserve Bank of India (RBI) initiated measures to limit speculative trade in the domestic currency market.
Since January this year, the rupee has lost more than 7.5% and is the second biggest loser among Asian currencies in that period, after the Japanese yen.
The dollar lost its ground against major currencies on Monday. The dollar index, which measures the greenback’s strength against major global currencies, was at 82.46 at 2.05pm Indian time, down from its Friday level of 82.607.
