The Indian rupee pulled back on Monday after closing at a record low last week. The partially convertible rupee traded at 60.92 as of 09.05 a.m. as against Friday's close at 61.10/11 per dollar.
The currency has been weakening despite several steps taken by the regulators raising concerns the Reserve Bank is losing the battle to prop up the currency while the government has yet to take any meaningful measures to bring in inflows.
The monsoon session of parliament is due to start today, with important legislation such as a food security bill pending.
The rupee closed at a record low on Friday, posting its worst week in 22 months. The currency fell 3.4 per cent last week, and is below the levels at which it was trading on July 15 when the Reserve Bank of India unveiled its cash tightening steps to defend the currency.
The currency has been weakening despite several steps taken by the regulators raising concerns the Reserve Bank is losing the battle to prop up the currency while the government has yet to take any meaningful measures to bring in inflows.
The monsoon session of parliament is due to start today, with important legislation such as a food security bill pending.
The rupee closed at a record low on Friday, posting its worst week in 22 months. The currency fell 3.4 per cent last week, and is below the levels at which it was trading on July 15 when the Reserve Bank of India unveiled its cash tightening steps to defend the currency.
No comments:
Post a Comment