Mumbai: The Indian rupee lost some ground against the dollar as the latter weakened against global currencies.
The market expects some hint on how long the recent liquidity tightening will continue when the Reserve Bank of India (RBI) announces its first-quarter monetary policy on Tuesday.
At 2.30 pm, rupee was trading at 59.35 a dollar, down 0.52% from the previous close of 59.04. It opened at 59.10 and touched a high and a low of 59.09 and 59.46, respectively, in intra-day trade.
Since January this year, the rupee has weakened 7.33% and has lost the most among Asian currencies.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 81.571, down 0.11% from the previous close of 82.708. India’s benchmark Sensex was at 19632.28 points, down 0.59% from the previous close.
Yields on the 10-year bond stood at 8.134%, compared with its previous close of 8.154%.
The overnight call money rate was at 10.20% compared with the previous close of 6.50%, reflecting tight liquidity conditions in the market.
